--- title: If You Have Credit Card Debt at 62, Should You Still Wait to Claim Social Security? description: It can be tempting to claim Social Security early to help pay off credit card debt. But here is what you should consider first. authors: - name: Marc Guberti url: https://money.com/author/marc-guberti/ bio: Marc Guberti is a personal finance writer who hosts Breakthrough Success, a podcast where he teaches listeners how to grow their businesses and achieve personal transformations. at_money_since: 2024 articles: 438 covers: - Retirement - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Shopping - Taxes published: '2026-10-19T18:00:29.000Z' section: Retirement word_count: 499 canonical: https://money.com/credit-card-debt-social-security-claiming/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Pile of blue bank credit cards stacked in random order. Concept of digital payments, online banking, fintech, cashless economy, cybersecurity and electronic commerce. Modern 3D render illustrating consumer finance, data protection and secure transactions.](https://img.money.com/2026/10/Explainer-Credit-Card-Debt-Social-Security_1b9b78.jpg) Credit cards are notorious for high interest rates, so it’s important to pay off the debt as soon as you can. When you turn 62 and are able to start receiving Social Security, those government checks may seem like a quick fix for chipping away at your credit card debt. But claiming Social Security then may be the wrong decision, even with a growing credit card balance. It’s important to assess how much money you’re missing out on in the future by claiming Social Security early, and what will happen if interest continues to accumulate on your card. ## Compare the two costs Start with reviewing credit card balance and annual percentage rate (APR). If you have a $15,000 balance at 22% APR, that debt is costing you around $3,300 per year in interest. That debt will continue to compound over time if you don’t pay it off. Then consider how large your Social Security checks will be depending on when you claim. Claiming at age 62 reduces your benefit by up to 30% compared to if you wait until full retirement age to claim. That figure is even higher if you compare it to waiting until age 70, when you can receive maximum benefits. ## Your benefits are protected Credit card companies generally cannot garnish your Social Security. Your benefits are typically also protected from creditors in bankruptcy. However, the credit card issuer can still sue you and potentially freeze your bank account. And of course, not paying your credit card debt can hurt your credit score. Keep in mind that Social Security can be garnished for federal debts, taxes and child support. ## Alternatives to claiming early Claiming Social Security early is far from the only way to manage credit card debt. A balance transfer gives you a promotional 0% APR period that can prevent debt from accumulating. That will give you a small window to pay off your balance more aggressively. Non-profit credit counseling is also an option, and a counselor may be able to walk you through setting up a debt management plan. You can also consider part-time work. Someone who is deep in credit card debt in their 60s likely has other financial obstacles, and earning a salary can be a good way to address budget shortcomings. ## When claiming early does make sense Claiming early may make sense for some people, particularly if they cannot get part-time work for health or other reasons. Social Security can act as a financial safety net for people without savings or wages. Claiming early can also make sense if the debt is in collections and causing hardship. Paying off debt minimizes interest accumulation and can put you in a better financial position. Consider speaking to an expert, such as a non-profit credit counselor, before filing with Social Security. That consultation can help you assess your options and determine if it makes sense to claim Social Security at 62 and use those government checks to get out of credit card debt sooner. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/credit-card-debt-social-security-claiming/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "Social Security", "item": "https://money.com/social-security/" }, { "@type": "ListItem", "position": 4, "name": "If You Have Credit Card Debt at 62, Should You Still Wait to Claim Social Security?" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/credit-card-debt-social-security-claiming/#webpage", "url": "https://money.com/credit-card-debt-social-security-claiming/", "name": "If You Have Credit Card Debt at 62, Should You Still Wait to Claim Social Security?", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2026-10-19T18:00:29.000Z", "mainEntity": { "@id": "https://money.com/credit-card-debt-social-security-claiming/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/credit-card-debt-social-security-claiming/#breadcrumb" } }, { "@type": "Article", "headline": "If You Have Credit Card Debt at 62, Should You Still Wait to Claim Social Security?", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2026/10/Explainer-Credit-Card-Debt-Social-Security_1b9b78.jpg", "width": 2121, "height": 1414, "caption": "Explainer-Credit-Card-Debt-Social-Security" } ], "author": [ { "@type": "Person", "name": "Marc Guberti", "url": "https://money.com/author/marc-guberti/", "@id": "https://money.com/author/marc-guberti/#author", "description": "Marc Guberti is a personal finance writer who hosts Breakthrough Success, a podcast where he teaches listeners how to grow their businesses and achieve personal transformations.", "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2026-10-19T18:00:29.000Z", "description": "It can be tempting to claim Social Security early to help pay off credit card debt. 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