A new AARP survey suggests nearly half (47%) of adults 50 and older who carry credit card debt use their cards to pay for necessities like health care, car payments and housing.

Some 17% admitted they charged expenses to cover gaps in their budget every single month last year, putting them deeper in the red.

“Rising costs of basic expenses like food, housing and utilities, along with health care expenses and unexpected financial burdens are threatening financial well-being and retirement security for many older Americans,” the report cautioned.

In the report, Credit Card Debt and Adults Age 50-Plus, senior AARP advisor S. Kathi Brown found that more than a third ( 37%) of older Americans were carrying more credit card debt than they did a year ago. 

Of older adults carrying a balance, nearly half (48%) owe more than $5,000 or more and nearly a third (28%) owe upwards of $10,000.

Rick, a 53-year-old lawyer in New Jersey, is carrying credit card debt in the mid-six figures range. 

He blames his spending habits on “a lack of financial discipline,” but admits it feels different than carrying debt when he was younger

“There’s definitely more a sense of urgency to pay it off,” he said. “If you’re 30 and you’ve got big bills, you feel like you have plenty of time to deal with it.”

Credit card debt can jeopardize retirement security, says AARP Senior Vice President of Research Indira Venkat. 

“For many retirees, who often live on a fixed income, it’s a real challenge to pay down debt without significant trade-offs,” she added.

Rick has already taken out a debt consolidation loan and opened a zero introductory APR card, enabling him to “kick the can down the road a bit.”

His next move may be working with a debt relief company that would negotiate with his creditors to get his balance lowered. It’s not guaranteed to work and, even if it does, he’ll have to pay as much as 23% of the enrolled amount to the debt settlement company. 

But, he says, he’d still come out on ahead financially. And would keep him from pursuing a more reckless course of action..

“I’ve considered dipping into savings and retirement accounts that should not be touched to deal with the credit,” he said. In the AARP report, 46% said credit card debt has “hurt their ability to save for the future.”

Far from being an outlier, Rick represents many Gen-Xers entering their golden years. According to AARP, over half (52%) of Americans 50 to 64 have trouble managing their credit card debt. 

That percentage drops slightly in older demographics, for Americans 65-74 it’s 42% and for those 75 and older it’s  35%. 

The nonprofit found that half of older adults who carried credit card debt feel financially insecure.

People who are approaching retirement may worry it impedes their ability to save, while those already in retirement may find it particularly challenging to keep up with their payments on a fixed income.

Debt settlement involves hiring a company to negotiate with your creditors to reduce the amount you owe. There’s no guarantee of success but if it works, you could save thousands. Of course, the debt settlement company will take its cut, but you could still come out ahead.

2. Debt consolidation

Unlike debt settlement, debt consolidation takes multiple unsecured debts and rolls them into a single new loan, presumably with a lower interest rate. Not only are you saving money, but all your obligations are in one place. LightStream is one of our top picks for debt consolidation loans.

3. A zero APR balance transfer credit card

If you need a little time to get your money together or are waiting on a lump sum gift, a credit card with a 0% APR intro period can give you that breathing room. Some cards charge no interest for as many as 21 months. That’s almost two years to amass enough to pay off your credit card bill.

The Citi Simplicity Card has a 0% intro APR for 21 months on balance transfers and a 0% intro APR for 12 months on purchases (variable APR is 18.24% to 28.99% afterward). There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

If you own your home, or have significant home equity, you can leverage that into a loan using your home as collateral. Whether it’s a home equity loan or HELOC, your interest rate will be lower and you’ll have more time to pay it off. You don’t have to make payments on a reverse mortgage until you sell the house, stop using it as a primary residence or pass away.

The downside with any of these is that you’ve just lashed an unsecured loan to your home. If you fall behind on payments, the bank may foreclose.

5. Bankruptcy

Declaring bankruptcy is no light matter, but you might be able to erase or seal most of your outstanding unsecured debt. The process typically takes a few months, compared to the years that debt settlement can require, so it may get you back in the black quicker. There’s a social stigma, however, and the hit to your credit will be more severe

Speak to an attorney or credit counselor about whether bankruptcy is the right choice for you.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit guide is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit products.

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