Older people are feeling the stress of the recession just as much as younger people. Many are unable to work due to physical and mental fragility, but still live in homes with mortgages. Some may have maxed out credit cards, but with no employment and minimal help from Medicare, social security checks, and retirement funds there seems to be no recourse.

There are a number of options for these people to consider. One option is to decrease the interest from credit cards. Diminishing the interest rate to 10 percent from 30 percent result in an extra 200 dollars a month. To lower the rate, you should call the credit card issuer and make a request. If a bill has been paid on time and there are extenuating financial circumstances, there is a good chance that the creditor will lower the rate. It is a good idea to have a payment in mind when you call. It's always better to bring a lower payment plan to the playing field.

Outside mediation can be an enormous help. Credit counseling agencies or attorneys are able to negotiate a lower interest rate on your behalf.

If you do not already have one, look for a lawyer. One with experience in bankruptcy would be best. This way you can take a good look at all of your options. Bankruptcy will take away much of your debt, but it also affects your credit rating for ten years, leaving you virtually unable to obtain a car, place of residence or even a job in some cases.

Finally, it is not ever a good idea to just walk away from credit card debt. Ignoring the situation would mean collections actions, or even lawsuits.. In today's economy it is key that you protect yourself and your assets. When collectors call, it is always wise to handle business.