How The Credit Crunch Has Affected The Elderly

We all have our savings. These savings prove of great help to us when we retire. In our old age the interest from our savings and pensions help us live a proud life. However, the inflation rates are rising continuously. The ones who are retired have a limited amount of savings that earns them their interest or pension. Now since the inflation is leading to price hike of everything these fixed amounts create a big problem of the elderly. They are thus the most affected by price rise. They thus try to look out options that will give them more funds to meet their needs. In this scenario they feel that the 'credit card companies' give a helping hand in their life. These companies make huge promises and give exciting offers. The elderly thus get influenced by these offers and opt for these schemes. This is not a solution to their problems this in fact increases their problems and affects their personal credit forcing them to resort to credit repair.
The elderly get influenced by these schemes and opt for the same but they do have to repay it. The card companies do not offer the money free and do not let the users go away easily. The users have to pay back the money on time and with the proper rate of interest. Now since the elderly have a fix income they get stuck in a viscous circle of debt. They have to repay on time, they fail to repay it and then get stressed out with the debt piling, the credit history being affected and the scores worsening.
The elderly who use internet a lot usually have more chances of getting influenced by such schemes because the companies put up various attractive promises and schemes online. Reading this they feel that, this is the only solution to their problem of money and they apply for Credit Cards. The Credit Cards are not a solution for them but only an underlying major problem. It is a good option for those who have a regular income, but if you have less income and fall short of money every time, relying on Credit Cards for fulfilling your needs is a wrong choice. These will fulfil your needs for the time being but put you much bigger problems at a later stage.
Thus, the credit crunch is affecting the elderly the most and affecting their personal credit and credit repair measures.

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