Are your aging parents keeping up with their credit cards?

Do they have more credit cards than they really need?

Are they over-spending?

Of course discussing such personal financial subjects with them may be difficult, but necessary.  Easy credit can also  be a problem for the elderly.  Here are 5 questions you need to ask your parents if you feel they are getting into trouble with their credit cards.

1. How many credit cards do your parents already have?

That includes credit cards they don't  use and may have actually forgotten about.

2. What are the annual fees and fee transitions for each card?

It's surprising how much fees can vary. Credit card companies can charge annual fees that are anywhere from $25 to $75 per year.

Do your parents' cards also charge a monthly fee whether the card is used or not? 

3. Are your parents habitually late making their credit card payments?

They may have forgotten to keep up with monthly payments, or maybe they are beyond the point of being able to manage their money.

Regardless, here is where the fees can really pile up.

Late fees can jump very high very fast.  You have to stay on top of this problem before it gets out of hand.

4. Card holder Protection

Just in case your mom has her purse stolen, do you have all the credit card numbers and information for canceling them during an emergency?

This is a simple tip which, unfortunately, many people ignore until it's too late.

Keep a list of all cards and their 24 hour contact numbers handy.  (This is an excellent tip for travelers also).

5. Do your parents really understand how to protect their credit card numbers?

For example, do they keep receipts and shred unnecessary papers with vital credit card information?

Do they draw lines through blank spaces on charge slips so the amounts can not be changed?

Keeping track of your own credit cards can be daunting enough.  But once you decide to help your aging parents with their credit cards you can work with them to  put a well organized system into place for guaranteeing   their credit will be protected.    

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