Fairfax, VA - August 3, 2009 — As credit card debt reaches new highs, senior consumers are the group with the largest level of rising credit card debt. Bankruptcy filings among seniors have also grown. The Association of Independent Consumer Credit Counseling Agencies (AICCCA) urges all consumers who are seeing their credit card levels rise to seek help now.

"For seniors, credit card use is up for essential items like food and medicine," said Dave Jones, president, AICCCA. "For those on a fixed budget, rising prices have been one of the main culprits."

• Develop a spending plan. All consumers can benefit from a budget review and seniors are no exception. Finding out exactly where you stand is the first step to find a solution.
• Weigh the benefits of a debt management plans (DMPs). Excessive credit card debt might be alleviated through such a plan, but only after a careful budget review. DMPs offer reduced interest rates and can eliminate other fees.
• Consider a reverse mortgage. This option will only work if your home is close to being paid off. For those consumers, a reverse mortgage can be an effective way to tap into the value of their largest asset - their home. However, AICCCA cautions consumers to weigh this option carefully.
• Look into special senior discount programs. For many seniors, medical debt is the number one reason they find themselves in trouble. There may be special programs in your area that you could benefit from.
• Bankruptcy as a last resort. The recent bankruptcy legislation requires consumers to seek credit counseling before applying for bankruptcy relief. By choosing an AICCCA member, consumers are assured that every option has been explored before taking this step.