How to negotiate credit card debt when you're on Social Security
Credit card issuers are limited when you're on Social Security. Here's how to use that to your advantage.
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March 30, 2026 / 12:24 PM EDT / CBS News
For millions of retirees, Social Security serves as a financial foundation and a predictable source of income. That stability is being tested in today's tough economic landscape, though, as many older borrowers are facing the same debt issues as younger borrowers, and they are doing so with fixed incomes that leave little margin for error. With credit card balances at record levels , and with average credit card APR hovering above 21%, it's easy for even modest balances to spiral into something far more difficult to manage as the interest charges compound .
Those rate and balance challenges alone have driven many older borrowers into cycles of delinquent debts . And, when you add in the other economic issues that are looming, like persistent inflation pressures and limited opportunities to increase income in retirement, things become even more challenging. That combination can make it tough to keep up with even the minimum payments , let alone make meaningful progress toward paying down what's owed. And unlike younger borrowers, those on fixed incomes often have fewer financial levers to pull when expenses rise.
Still, falling behind doesn't mean you're out of options for debt you can't pay off while on Social Security. Credit card issuers are often willing to negotiate under the right circumstances. So, how can you do that if you're in this situation? That's what we'll examine below.
Find out how to get started with the debt relief process now .