A fifth of people aged 65 and over have borrowed money or expect to do so to pay their retirement, research indicates.
The work, carried out by Key Retirement Solutions, also shows that one in eight over-55s have been turned down for credit in the past year.
Its nationwide study shows demand for credit among the over-55s remains high with around 22% applying for credit cards, loans or mortgages in the past year.
Among the over-65s the number applying is around 16%.
The research shows the average over-65 who has unsecured debts owes around £3,720 while those aged 55 and 64 owe an average £4,300.
Many do not expect to clear their debts before retirement – with 27% of those aged 55 and over not expecting to be debt-free excluding mortgages before they retire.
Some 25% of over-65s say they have not cleared debts.
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Dean Mirfin, group director at Key Retirement Solutions, said: "Nearly one in five over-65s expect to or have already borrowed money in retirement and the ability to borrow is important in order to be able to fund major expenses and maintain their standard of living."
Key's analysis shows the choice and range of credit available drops significantly with age.
Credit card companies do not impose age limits for new applicants but may impose minimum incomes while mortgage lenders impose age limits on loans.