Manging Expenses After Retirement With Credit Cards

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FDIC Consumer News – Spring 2008 – Beware of Credit Cards


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After You Retire:

Managing Your Expenses on a Fixed or Reduced Income


Be careful with credit cards. You'll probably find that credit cards in retirement are just as necessary as they were when you were younger. But be cautious with your credit cards. If you carry a large balance, you'll pay a lot of money in interest charges for a long time. If you have many accounts and get too deep in debt, your credit record could be damaged, which means you would have a tougher time getting the best deal the next time you apply for a loan, insurance or an apartment.


Another problem with having numerous credit cards is that if you're not closely monitoring your accounts, you can forget to send a payment (and incur late fees and additional finance charges) or you may not notice if a thief has stolen one of your cards and made purchases with it.


Spring 2008 | Manage Money | Credit Cards | Reverse Mortgage | Research Insurance


FDIC Consumer News is published by the Federal Deposit Insurance Corporation


FDIC Consumer News is produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices. It is intended to present information in a nontechnical way and is not intended to be a legal interpretation of FDIC or other government regulations and policies. Mention of a product, service or company does not constitute an endorsement.


Find current and past issues of FDIC Consumer News at http://www.fdic.gov/consumernews. Refer to this same index to locate the issues that are specially formatted for being reprinted in any quantity.


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Last updated on 05/13/2008

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