Credit Card Use Poses An Extra Risk For Senior Citizens

Why Are Seniors At Risk?

Typically-vulnerable members of the general population, senior citizens make prime targets for scammers. They usually have savings accounts that they have built over a lifetime, and are eager to trust salespeople. If conned, they may not realize it for a longer period of time, because they don't review statements carefully, or forget to check them altogether.

Once they realize that they have been conned, they may be embarrassed and less likely to tell anyone, for fear that their mental integrity and ability to handle their finances may be questioned. All of these circumstances combine to make it more likely that credit card scammers will be successful in conning senior citizens.

How Can Seniors Protect Themselves?

Senior citizens need to take a few steps to protect themselves from being the victim of credit card scams. First, don't respond to an offer that is difficult to understand, and ask for help from a friend or family member if you need assistance weeding through the fine print.

It is not belittling to admit that you need help; most people have a difficult time understanding credit applications, and those aimed at conning senior citizens may have been designed to be even more confusing. If it seems suspicious, don't apply.

Close all old, inactive credit accounts, so that they cannot be targeted as potential means to access your bank accounts. Do not apply for credit applications that require an advance fee, and do not give credit card companies that you are unfamiliar with the ability to debit your bank accounts.

Finally, review all of your accounts regularly, take note of any activity that you don't recognize, and tell someone immediately if you are suspicious. Protecting your nest egg is the most important goal, so it's vital that you avoid being scammed by less-than-ethical credit card practices.