Greater than half (52%) of adults ages 50-64 have bank card debt, and plenty of are utilizing bank cards to pay for fundamental dwelling bills, in accordance with a brand new AARP survey.
The report, which examined how retirement safety is being threatened by the excessive value of dwelling, discovered that almost half (47%) of respondents have just lately used bank cards to pay for issues like meals, housing, utilities, and well being care, with 17% saying they do each month.
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“A regarding variety of older adults carry bank card debt as we speak simply to make ends meet,” stated Indira Venkat, AARP senior vp of analysis. “Bank card debt can jeopardize retirement safety.”
The survey requested 4,846 adults aged 50-plus who carried over bank card debt from a earlier month about their bills. A couple of-third of respondents (37%) stated they’ve extra bank card debt now than a yr in the past. A whopping 28% of respondents stated they carry a steadiness of $10,000 or extra.
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In the meantime, older adults who’re almost certainly to hold a month-to-month steadiness had incomes below $40,000.
“For a lot of retirees, who typically dwell on a set earnings, it is an actual problem to pay down debt with out vital trade-offs,” Venkat stated.
Fifty p.c of respondents stated healthcare bills have contributed to their bank card debt.
Sadly, the pattern of rising debt for seniors would not seem like subsiding. A distinct ballot in November 2024 by the Worker Profit Analysis Institute discovered that round 68% of retirees had excellent bank card debt in 2024, up “considerably” from 40% in 2022.
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