A debt-troubled economy knows no age: The average elderly American in the low- or middle-income bracket is carrying about $10k in credit card debt, which is a 26 percent rise from 2005 figures.

In this Banktime article, older Americans are increasingly turning to either re-employment or continued employment to supplement their Social Security. The story continues to report seniors may use credit cards to supplement their meager fixed incomes, to deal with the ever-rising costs of utilities and food, to cover the costs of unexpected medical bills, or even to help out their financially strapped adult children.

The consumer-watchdog Demos, a public policy research and advocacy organization, wrote this article for The Washington Post about an 80-year old woman in $17k of debt, surviving on $2,000 a month from a pension and Social Security with a rent of $955.

The Demos study found frequent or frivolous use of credit cards had not been a common trait of older Americans, particularly those 65 and older, because credit was not as easily available in their formative years.

Rising medical costs, less-generous health insurance and already-mounting health bill debt are the main burdens to retirees, cited Demos. A loss of home equity also plays a factor.

Financial advisors recommend the first steps to getting out of such debt would be calling creditors to ask for better terms, switching to generic drugs, and making sure every health discount available is applied.

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