In other countries, banks will not permit repayment plans that extend beyond early retirement age, because once the borrower retires, they have little income stream to make payments. So for people much older than 50, a gold-plated credit reputation is absolutely meaningless. The banks do not loan for any purpose.
In these countries, hospitals will extend the lives of rich people as long as the customer can pay, but failing that, the patient gets put to sleep. In the USA, something similar also happens, but it's more complicated because of socialism, basically Democrat voters forcing Republican voters to pay.
By the time people reach retirement age they should realize that there are far better ways to make a buck than being a corporate drone.
I'm 68 (and still working for now), but every night is spent positioning myself for "what comes next". I've got book projects underway, deals being struck to work part-time for a good many more dollars per hour, and even a little software being developed. And, if I get half a chance, I'll be flipping real estate (with other folks doing the work).