5 ways seniors can tackle credit card debt
A new AARP survey suggests nearly half (47%) of adults 50 and older who carry credit card debt use their cards to pay for necessities like health care, car payments and housing.
A new AARP survey suggests nearly half (47%) of adults 50 and older who carry credit card debt use their cards to pay for necessities like health care, car payments and housing.
Some 17% admitted they charged expenses to cover gaps in their budget every single month last year, putting them deeper in the red.
“Rising costs of basic expenses like food, housing and utilities, along with health care expenses and unexpected financial burdens are threatening financial well-being and retirement security for many older Americans,” the report cautioned.
In the report, Credit Card Debt and Adults Age 50-Plus, senior AARP advisor S. Kathi Brown found that more than a third ( 37%) of older Americans were carrying more credit card debt than they did a year ago.
Of older adults carrying a balance, nearly half (48%) owe more than $5,000 or more and nearly a third (28%) owe upwards of $10,000.
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