Older Ohioans struggle with rising credit card debt

Farah Siddiqi

Nearly half of Americans age 50 and older are using credit cards to pay for basic living expenses, according to a new AARP survey but experts said there are ways to keep debt from mounting.

In the same national survey, almost nine in 10 respondents said unexpected expenses have contributed to their credit card debt.

Kevin O'Laughlin, a certified financial adviser, said the results are not surprising, as rising consumer costs take a bite out of people's savings and Social Security payments cannot always keep pace. He encouraged older adults concerned about their credit card balance going up to do some careful planning.

"I think it comes down to taking a real hard look at where are there opportunities to supplement one purchase for another," O'Laughlin recommended.

It means if possible, hold off on buying anything unnecessary and always pay more than the minimum monthly amount due on cards. In the third quarter of 2024, Ohio ranked 10th among states for the amount of delinquent credit card debt, according to the financial website WalletHub. About one in four credit card holders in Ohio had a past-due balance.

If you are still paying a mortgage, O'Laughlin suggested refinancing should not be ruled out. As challenges escalate for seniors, it is a reminder to prioritize the basic needs of the demographic.

"Whether that's through an increase to Social Security checks, or maybe just streamlining the ability to work, part-time or in some limited capacity, in retirement to supplement their cash flow needs," O'Laughlin outlined.

If it all seems overwhelming, there are resources in Ohio to guide older adults at no charge. AARP will host a webinar Tuesday on "5 tips to get your financial matters in order," at 7 p.m.