A retired couple needs help paying off $7,000 in credit card debt accumulated from medical bills and necessities, a common problem for older Americans facing rising costs. Savvy Senior recommends creating a budget and seeking financial assistance programs. Advise calling card companies to ask for lower interest rates or payment plans. Encourage paying more than the minimum balance to reduce principal debt faster. Suggest choosing a debt repayment strategy by focusing on the highest interest rate card or the smallest balance card first. Consider consolidating debt with a low-interest loan or a balance transfer credit card. Recommend using a nonprofit credit counseling agency for a debt management plan to negotiate with lenders.
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