A recent survey of older Americans revealed that over half feel debt has negatively impacted their lives. Among 2,000 Gen X and baby boomer respondents, 72% reported holding debt, with many overwhelmed by balances. Credit card debt was the most common (45%), averaging $9,000 per respondent. Additionally, 30% had mortgage debt averaging nearly $72,000, and 17% reported medical debt, averaging $9,144. The study identified income insufficiency as the primary barrier to debt repayment, emphasizing a growing financial crisis among older generations, especially as they approach retirement.
Our findings reveal the nation's consumer debt epidemic is impacting millions of older Americans' financial futures and threatening to put the retirement they've worked toward for decades out of reach.
The largest barrier to getting out of debt was reported to be insufficient income, with 46% of those polled feeling they don’t make enough money to pay off their debts.
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