Anyone at any age can get in over their head with credit card debt, but timing makes a difference. The younger you are, the more time you have to dig yourself out, and vice versa.
Susan and Richard Ramirez learned that painful lesson themselves when they racked up so much credit card debt in their late 50s and early 60s that they could not pay even the minimum that the credit card companies required.
"The last bit where I just stopped dead and literally couldn't go to work was when I got the statement — on all our credit cards, the interest rates had gone up to 29 percent," Susan Ramirez recalled. "We did not have the money to even make the minimum payments on the credit cards and the other bills. We have just flat out run out of money."