At an alarming rate, more and more seniors are now facing credit card debts according to National Consumer Law Center report. If this report is indeed true, then seniors who should have been enjoying their golden years free of binding debts are now spending their advance years paying for the accumulating bills.

Let’s not be judgmental about this whole affair. While younger adults uncontrollably spend their money on expendable things, seniors do require some money to spend around for the things they need, primarily for medical expenses which are getting steeper everyday.

It seems that seniors also suffer from the economic crisis which we all experience nowadays; only, the hit was a little bit hard for them to bear especially for those with fixed incomes and little retirement money. The convenience of credit card has always been there for us to use, whether we can pay up or not. Worse, credit card companies are more than happy to raise the card’s limit which in effect, encourages consumers to charge more than they can afford to pay.

The best way for seniors’ to prevent credit card problems is better education. As a consumer, you need to know how your credit card and your credit card company works since these two are potential enemies if taken for granted. You should be aware that there are late fees, interests and other charges that come with your credit card and it can also make or break you, if you are not careful. You can use it, but think twice before doing so.

Like stated earlier, to avoid paying double the amount you actually owed, read fine prints before signing anything with your credit card company. Do not hesitate to ask questions like your payment due, interest rates, late charges and everything else which will be added to the principal amount you will owe upon usage.

Here’s a tricky one: LATE FEES. Did you know how many oblivious people fell to this tricky due date and end up paying late fees? I did so, many times over. Once, I got a mail from the credit card company saying that there’s a 3-day extension to my due date and I actually believed that this will last forever. Of course I was wrong, this extension was for a limited time only and even if I did pay on the exact date, I still got late charges just because I paid with a check. See? You try to be a good citizen and pay your bills on time only to get tricked. Nasty.

If you find yourself in the same situation, call the credit card company and complain. Sometimes they waive late charges if you have a good credit standing with them and try to be nice when talking to them so they will give in to your request. To avoid late charges, it is best to pay your bills twice a month or if you can, try to pay up a week before your due date. You can also pay your bills by phone if you will not be able to personally go to the bank and make the payments although some credit card companies charge for it at around $15 or so.

Your credit card comes with user’s conditions and restrictions. Review them once in a while, just to freshen up your memory. As much as possible, keep one to two credit cards to avoid too much complication in maintaining more than enough. Moreover, avoid credit cards with “universal default” clauses because it allows your credit card company to increase rates without informing you first.

At best, pay all purchases you made each month. If this is not possible, the next best thing to do is pay at least an amount higher than your minimum due indicated in the billing statement and pay off balances as soon as possible to avoid accumulation of fees and charges. Plus, whatever you do, DO NOT disturb your nest egg. However, if you are nearing your retirement age, clear all debts before retiring to avoid combination of medical bills and credit card bills from rocking your boat.