Credit card debt leaves a 73-year-old unable to retire

A 73-year-old woman in rural Texas says she has about $39,440 in credit-card debt across 19 cards and that high interest rates prevent her from retiring.

Susan Cannon, 73, lives in a mobile home in rural Texas and says high credit-card interest has kept her from retiring. She reports about $39,440 in debt spread across 19 cards, with rates ranging roughly from 12% to 35%. Cannon relies on Social Security, a small pension, limited COVID relief and part-time work, and she says she uses cards for groceries, gas and home repairs. The story arrives amid rising US credit-card balances and renewed calls from some lawmakers to cap interest rates. Key facts: - Cannon reports $39,440 in credit-card debt across 19 cards, with individual APRs reported between about 12.15% and 34.99%. - She covers bills with Social Security, a pension, some pandemic relief and part-time mystery-shopping income of roughly $400–$500 a week, and has reduced hours for health reasons. - She has sought lower rates from card issuers and received at least one denial letter from Citibank that cited her credit score. - Nationally, credit-card debt is reported at about $1.28 trillion and average card APRs have risen; some lawmakers and advocacy groups have proposed capping rates, while industry groups warn such caps could reduce credit availability. Summary: High interest on revolving balances has kept Cannon working and using credit for essentials, and she says the interest prevents meaningful progress on her balances. Policymakers and advocacy groups have proposed rate caps, and the issue remains under debate with outcomes undetermined at this time.