In fact, in data gathered by the Consumer Bankruptcy Project, two thirds of the seniors going bankrupt specifically cited credit card interest and fees as the reason for their filing.

FORBES: Credit Card Debt Blamed For Surge In Elder Bankruptcy

Seniors who decide they need at least one credit card should carefully consider how they will use the card before applying.

FORBES: 6 Credit Mistakes Retirees Make

The pharmacy drug card is the administration's second attempt to provide quick relief to seniors facing the high cost of prescription drugs.

CNN: Bush unveils plan to cut drug costs for seniors

"The explosion of medical credit card debt is a major concern for many New Yorkers, particularly low and middle income households and vulnerable seniors, " Schneiderman said.

WSJ: After NY inquiry, CareCredit to offer safeguards