Influence of coarsening of precipitates on creep in metals and alloys has been studied experimentally and modelled in the past. However, a proper model to understand the role of plasticity and creep in the matrix to the kinetics of coarsening of misfitting precipitates is still missing. Such a model is developed based on a thermodynamic approach utilizing earlier solutions of mechanical interactions between the misfitting precipitates and the matrix. Numerical simulations demonstrate a significant retardation of the coarsening process controlled by power-law creep in the matrix within a wide range of its activity.