LATHAM, N.Y.–SEFCU Executive Vice President John DeCelle testified on credit card practices affecting seniors during an August recess congressional field hearing in New York earlier this month.

DeCelle told the committee that many older Americans are forced to rely more and more on credit cards due to inadequate retirement savings, rising medical costs, fixed incomes and more. "Credit unions are concerned about the growing problems associated with credit card abuse and older Americans. At SEFCU, we are committed to educating our members on how to manage their financial lives responsibly in an effort to reduce the instances we see each day of members committing to credit terms and conditions that are predatory in nature," DeCelle stated.

He continued, "At SEFCU, we offer card programs that provide low interest rates, no hidden fees and other benefits that meet the needs of our members. We work with our members to fully explain the credit card rates and fees they are currently paying and show them the true cost for items purchased."