A recent AARP survey highlights a troubling trend among older adults, revealing that 37% have reported an increase in credit card debt over the past year. Nearly half of those who carry a balance owe $5,000 or more, with significant contributors being healthcare costs and unexpected expenses. With many older adults living on fixed incomes, reliance on credit card debt poses serious risks to their financial stability and retirement security. The survey, which included nearly 5,000 participants aged 50 and older, underscores the growing challenge of managing debt in later years.
AARP's survey reveals that 37% of older adults reported increased credit card debt since last year, exacerbating financial instability for those on fixed incomes.
Indira Venkat noted that reliance on credit card debt destabilizes finances for older adults, especially those who live on fixed incomes.
Among older adults, 52% of those aged 50-64 carry credit card debt, often due to everyday expenses, healthcare, and unexpected costs.
The survey indicated that 87% of older adults cite unexpected expenses as a major contributor to their credit card debt, with significant implications for retirement.
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