Today's retirees, children of the Depression who grew into the Cash Only Generation, are rapidly joining the ranks of Americans who owe their souls to Visa, MasterCard, and American Express.

For the first time in their lives, some seniors are dealing with managing mounting credit card debt and, in the worst case scenarios, filing personal bankruptcy. This age group has a higher percentage of their overall debt attributed to credit cards, as they are more likely to have their houses and cars already paid off. Credit cards, unfortunately, tend to have higher interest rates than mortgages or car loans, so these balances will take even longer to bring down.

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