According to Chris Taylor with Reuters, the struggling economy – yes, it’s still struggling – is “taking a toll” on older Americans, those over 50 years old who are increasingly having to rely on credit cards to make ends meet.
The economy is hitting the Boomer generation, which boasts 79 million people. Right now, many of these people are getting to retirement age, and yet many of them have an average of $8,278 in credit card debt.
Whether or not roughly $8,000 sounds like a lot of debt, tack onto that a mortgage and medical bills and college tuition for children, and you’ve got a recipe for hard times if the trend, as Taylor characterizes it, continues.
The loss of a job is one major reason why many boomers have taken on additional credit card debt.
But it’s not all bad news for the boomer generation.
Taylor quotes financial author Fred Brock: “Their credit-card debt is not a good sign, but it’s wrong to think a whole generation of boomers is going to be eating cat food. They’re more resourceful and flexible than that, and whatever they need to do to face reality, they’ll do it.”
And for some boomers, bankruptcy may be a good option to help face reality.
Continue reading here:
Older Americans Buried in Credit Card Debt