Credit card usage during legacy years should be minimal and carefully managed, as financial complexity can become challenging with advancing age. While these cards remain useful for online transactions, travel, and fraud protection, cognitive decline may make tracking statements and detecting fraudulent charges more difficult.

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Consider designating a trusted family member as an authorized user or financial power of attorney to help monitor accounts. Pay balances in full each month to avoid interest accumulation that could deplete estate assets intended for heirs. High credit card debt during these years often signals underlying financial distress—seek help from family or a financial advisor immediately.

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Avoid new credit card debt entirely; your earning years are definitively over, and there’s no realistic path to repaying accumulated balances. If you’re already carrying debt, work with creditors on hardship programs or consider consulting a legitimate credit counseling agency (avoid debt settlement scams).

 

Some seniors fall victim to fraud or scams specifically targeting older adults; maintain vigilance and involve trusted family members in financial decisions. Simplifying to one or two cards reduces complexity and makes financial management easier. Remember that unpaid credit card debt at death becomes an estate liability, potentially reducing inheritances for your beneficiaries and complicating estate settlement.

 

Helpful, Reputable Links

• Credit Card Management & Financial Planning

• CFPB on managing someone else’s money (POA, authorized users, fiduciary guides):

https://www.consumerfinance.gov/consumer-tools/managing-someone-elses-money/

• CFPB guide on credit cards for older adults:

https://www.consumerfinance.gov/ask-cfpb/category-credit-cards/

• Federal Trade Commission (FTC) guide on choosing legitimate credit counselors:

https://consumer.ftc.gov/articles/how-choose-credit-counselor

• National Foundation for Credit Counseling (NFCC):

https://www.nfcc.org/