Retiree Credit Card Debt Is Skyrocketing
The demographic with the fastest growing amount of debt is retirees, i.e. those 65 and older. Retirees are taking on debt faster than any other demographic group. According to New York-based Demos research firm, almost one-third of American seniors have debt on their credit cards. On average, it totals $4,041 per household, an 89% increase over the decade prior. To illustrate how severe this is, the average increase in credit card debt across all age groups was only 53% more than the decade prior.
More than 40% of senior citizens’ household income is estimated to go toward debt payment, according to Smart Money. And that income doesn’t leave much breathing room at an average of $23,459, as of the most recent U.S. Census Bureau report.
Contributing to the problem is prolonged life expectancy, astronomical healthcare costs, loose lending standards (up until recently, at least), and fixed income that is simply inadequate. People in this age bracket have a lot fewer options for fighting debt than their younger counterparts. For those who are facing this problem, or have loved ones who are, check out Smart Money magazine’s tips on alternative ways to keep afloat financially without relying on the credit card industry.
May 4th, 2008 at 3:57 pm
[…] Cheap Legal Forms Online.com wrote an interesting post today onHere’s a quick excerptRetiree Credit Card Debt Is Skyrocketing By Hayli Morrison May 4th, 2008 Posted in Credit Card Debt Management, Credit Card Tips, Credit Card Advice The demographic with the fastest growing amount of debt is retirees, i.e. those 65 and older. Retirees are taking on debt faster than any other demographic group. According to New York-based Demos research firm, almost one-third of American seniors have credit card debt. On average, it totals $4,041 per household, an 89% increase over the decade […]
May 4th, 2008 at 5:54 pm
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