Older Consumers Are Racking Up Credit Card Debt

If you or someone you know is struggling with credit card debt, try to get a lower interest rate by calling your issuer or using a balance transfer card.

Key Takeaways

Credit card debt is now the most common type of debt held by adults 50 and over, according a recent survey.
“Everyday expenses” is the most common contributor to credit card debt, followed by vehicle expenses, home expenses and health care.
Even though older consumers are working to pay off their debt, 71% have not looked for resources on how to reduce it.
Retirement is supposed to mean sand, surf and sun. Or at least not worrying about credit card debt. But that’s exactly what many older consumers are doing.

Instead of enjoying their golden years in Miami (that’s where the Golden Girls lived, right?), they’re worrying about high-interest credit card debt, according to a 2025 AARP survey.

Read: Best Credit Cards.
Why Are Older Consumers in Debt?

According to AARP, credit card debt is now the most common type of debt held by adults aged 50 and over. And what’s causing the older generations to go into debt? Everyday expenses.

Whether they feel financially secure or financially insecure, these types of purchases – followed by vehicle expenses, home expenses and health care – heavily contribute to the credit card debt shouldered by older consumers.

Other key findings included:

47% used a credit card to pay for basic expenses when their cash flow fell short.
48% carry a balance of $5,000 or more in credit card debt.
50% have credit card debt from health care expenses.
Older consumers – whether financially secure or not – also generally don’t know what happens to credit card debt after the cardholder dies. Only 28% of respondents chose the right answer, and the remaining 72% either chose an incorrect answer or stated they didn’t know what happened after a cardholder died.

What’s more is that even while older consumers are working to pay off their debt, 71% have not looked for resources on how to reduce it. The options listed by AARP included conducting an internet search, searching through social media, consulting a family member, credit card company, financial app, financial professional, friend or bank. Given that half of consumers struggle with financial literacy, this is unfortunately not a big surprise.

Feeling that you have to choose between paying down debt or saving for retirement can leave many older consumers feeling overwhelmed. Nearly half of respondents (47%) said they worry about their credit card debt and its impact on their ability to save.

If you (or someone older than you) is struggling with paying down credit card debt, here are some tips on how to hopefully ease the financial burden:

Try to negotiate for a lower interest rate. Contact your card issuer and explain your situation. Highlight your good standing (if applicable) and kindly ask for a rate you’d prefer. Be reasonable in your request and consider asking for a supervisor if you’re denied. Just remember, you catch more flies with honey than vinegar!
Consider a balance transfer credit card. By transferring one or multiple balances to a balance transfer card, you give yourself a bit of a break. Your balances are lumped into one place at a lower interest rate, and you’re given one to two years (depending on the card) to pay off the full balance before the regular annual percentage rate kicks in.

Use the debt snowball or debt avalanche method. You might have already heard of these methods. The debt snowball method requires you to make the minimum payment on all your debts and then direct any money that’s left over to your credit card with the lowest balance. The debt avalanche method is a bit of a contrast. This method requires you to direct any leftover money to your credit card with the highest interest rate. Both are solid methods; it just depends on what’s more important to you.
By employing one or all of these tips, you’ll hopefully be one step closer to retiring stress-free on a beach somewhere. The Golden Girls would be proud.