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Saving, Managing Debt, and Budgeting

Credit Card Debt

How does credit card debt affect older Americans?

According to a recent report by the AARP (formerly American Association of Retired Persons), older Americans (those over age 50) carry more credit card debt than younger Americans. Half of these older Americans carry some medical-related bills on their credit cards, especially prescription bills and dental expenses. Forty-nine percent of older Americans reported that car repairs also contributed to their credit card debt; 38% stated that home repairs contributed to their overall credit card debt; 34% rely on using credit cards to pay for basic living expenses such as rent/mortgage payments, food, and utilities, because they lack the cash in their checking and savings accounts to pay for them; 25% of older Americans say that a loss of employment contributed to their credit card debt; 18% drew upon retirement funds to pay down debt; and 23% got into debt in order to help other family members.



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