Many think that once they’re retired, they’re able to relax on all fronts, including in regards to their credit scores. However, that is absolutely not the case.
Many retired individuals are still indebted, increasing from 30 percent to 46 percent from 1998 to 2010. Additionally, many people over 50 have medical expenses paid through their credit cards, which also increases their debt. If someone is paying attention to their credit score, however, they’ll be able to qualify for lower rates, which in turn will help them decrease their debt quicker.
On top of that, older individuals are more susceptible to identity theft. However, those that are paying attention to their credit scores and notice a change are quicker to recognize and put a stop to identity theft.
Image via Money Crashers.