A new AARP survey reveals that a growing number of older Americans are struggling with credit card debt, with nearly half of adults aged 50 and older carrying a balance from month to month.
According to the survey, 48% of this demographic owe $5,000 or more, and 28% carry balances exceeding $10,000.
The trend is particularly concerning among individuals aged 50 to 64, with 52% reporting ongoing credit card debt.
Even more troubling, 42% of people aged 65 to 74 are similarly affected. Many of these individuals cite rising living costs and unexpected expenses as key drivers behind their increasing debt.
AARP’s findings underscore the financial strain felt by older Americans, many of whom are retired or nearing retirement. An October 2023 survey revealed that 65% of adults aged 65 and older with debt consider it a significant problem, highlighting how mounting credit card debt is impacting their financial well-being.
“If you look at the 50 to 64 year olds, the group that is potentially on the runway ramp to retirement, this is the group that is particularly feeling the impact of credit card debt,” AARP senior VP of research Indira Venkat told FOX Business in an interview.
This growing trend has led to calls for better financial education and tools to help older Americans manage debt, especially as retirement approaches.
The AARP survey emphasizes the importance of financial planning and the need for increased support to help seniors navigate their debt challenges.