Credit Card advertising is everywhere today. We all receive offers to apply for new credit cards more than once a week in our mailbox. Television has many ads; telephone solicitors try to sign us up; even the sides of the "T" buses advertise for credit card companies. Credit card companies sponsor sports events, art shows, public festivals and practically overwhelm us with attractive offers as we shop at local malls. How should we respond to this onslaught? Is this a problem? Is there a difference between a wallet fat with cash and a wallet fat with plastic?

Virtually anyone can now obtain credit cards regardless of their age or financial status. Discrimination seems to no longer be an issue with nearly universal access to credit. (Although it may still be occurring as to who gets low interests rates and fees associated with the credit cards.) You can even have a bad credit history, virtually no income and considerable other debt and still find some one willing to issue you a credit card. People that have declared bankruptcy often due to excessive credit card debt are soon thereafter offered new credit cards!

Some might say that most seniors are very careful with their money, rarely use credit cards, always pay their bills within 30 days, and only use their credit cards for home shopping or when traveling. If this was true the Consumers' Council and other consumer protection programs could target younger consumers with credit card problems and just focus on seniors about health and medicine issues, new services or the protection of seniors from scam artists trying to prey on them.

Yet during a conference for consumer protection professionals held last October at the Boston Federal Reserve Bank, repeated concerns were raised by colleagues about the growing number of cases of seniors facing financial crisis due to excessive credit card debt! A group of about a dozen of us has been meeting regularly since last October brainstorming about this growing problem. Our first thought has been that there is a need for a consumer education effort that targets seniors to make sure this population is well informed about how to use their credit cards carefully and wisely.

Credit cards can be a great, safe way to handle shopping and bill paying. It is certainly nice to be able to avoid carrying a lot of cash when shopping. Credit cards are easy to use when shopping from home, as we order items over the phone, in the mail, or over the Internet. Travel really seems easier and safer with credit cards. Cards offer perks, bonuses, extra warranty protections and the law limits the losses we suffer if someone steals it and misuses the card.

BUT do you have more cards than you need? Are you paying for groceries, restaurant meals, medicine, and other bills traditionally paid for with a check or cash? Then, are you not able to pay the credit card bill for such items in full when the bill arrives…often long after the items just mentioned was completely consumed? Do you have more than one or two cards? Do you freely give out your credit card number on the telephone? Do you use the card to get cash advances? Did a credit card debt tie up your home as collateral for a home equity loan needed to pay off this debt? Do you make only minimum payments on your credit cards when the statements arrive?

Our task force, looking at credit cards and seniors, is developing a survey to extensively inquiry about seniors and their credit card habits. This survey will provide much information for a consumer education program. It may lead to discussion with the credit card industry about their practices and policies. It may provide helpful information to other efforts ongoing about credit cards. A Harvard Law School professor, Elizabeth Warren, is studying this issue very carefully because of the growing number of seniors filing bankruptcy. Our new U.S. Representative, Michael Capuano, has concerns about the laws governing credit cards and has co-sponsored new legislation (HR.900) to address some possible bad practices that need changing or new requirements the proposed law seeks.

If you, the reader of this article, has a particular interest or concern about credit cards, your own use or that of family members or friends, you might want to call the Cambridge Consumers' Council to talk to us. Maybe you would take the survey to tell us --anonymously-- about your credit card use. Watch for a notice about a workshop at the 806 Mass. Av. Citywide Senior Center or the 2050 Mass. Av. North Cambridge Senior on this important topic.

Your questions can be directed by mail to the Consumers' Council at 831 Mass. Av. Cambridge MA 02139; by telephone to 349-6150; and via the Internet by inquiring with an email after looking at our web page at: www.ci.cambridge.ma.us/~Consumer.

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