Retirees have credit card debt, too. It's becoming a problem.

Dec 9, 2024 · According to the 2024 EBRI report and others, credit card debt is more pervasive among seniors than other kinds of debt. In the federal survey, 30% of over-75 households reported credit card debt ...

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Retirees Have Credit Card Debt, Too. It's Becoming A Problem.

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Retirees’ Credit Card Debt Levels Are Climbing

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Dec 19, 2024 · An Employee Benefit Research Institute survey found that more than two-thirds of retirees had outstanding credit card debt in 2024, up from 40% in 2022. Even though inflation …

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Credit Card Debt Among Retirees Jumps – NBC Chicago

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Nov 11, 2024 · About 68% of retirees had outstanding credit card debt in 2024, up "substantially" from 40% in 2022 and 43% in 2020, according to a new poll by the Employee Benefit Research Institute.

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Study: The Shocking Rise Of Credit Card Debt Among Retirees

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Nov 18, 2024 · The EBRI survey found 68% of retirees have outstanding credit card debt, a number that has grown exponentially since 2022, when it was just 40%. Between 2020 and 2022, that figure had actually been declining, so to see it on a steep incline is indicative of a more significant problem.

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Credit Card Debt Among Retirees Jumps — 'It's Alarming ... - MSN

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About 68% of retirees had outstanding credit card debt in 2024, up "substantially" from 40% in 2022 and 43% in 2020, according to a new poll by the Employee Benefit Research Institute.

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Retirees’ Credit Card Debt Levels Are Climbing

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Dec 19, 2024 · Key Takeaways An Employee Benefit Research Institute survey found that more than two-thirds of retirees had outstanding credit card debt in 2024, up from 40% in 2022. Even though inflation has cooled, high prices weigh on retirees. Almost a third of retirees said they spent more than they could afford in 2024. Most retirees said

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Retirees Are Facing Financial Strain As Credit-card Debt Spikes - MSN

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The rise in credit card-debt comes as a greater share of retirees said their spending was much higher or a little higher than they can afford in 2024, with 31% saying that, up from 27% in …

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Retirees Feel Financially Stretched, Report Says - Marketplace

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Nov 14, 2024 · People are also carrying a lot more debt. Two years ago, 40% of retirees had outstanding credit card debt. Today, it’s 70%. “And we’re finding more and more retirees with …

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Retirees Are Facing Financial Strain As Credit-card Debt Spikes

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Nov 29, 2024 · In 2024, 68% of retirees reported having outstanding credit-card debt, compared with 40% in 2022 and 43% in 2020, according to the 2024 Spending in Retirement study by …

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What Are The Best Ways To Get Rid Of Credit Card Debt In Retirement ...

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Nov 14, 2024 · And with today's average credit card rates sitting at a record high of over 23%, it's easier than ever for retirees to become trapped in a cycle of debt that could erode their …

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Reasons Retirees Carry Debt | Retirement - U.S. News

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Jun 30, 2023 · Among retirees, 71% have debt not related to their mortgage with an average balance of $19,888, according to the 2023 State of Retirement Finances report from Clever …

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FAQs about Retirees have credit card debt, too. It's becoming a problem. Coupon?

Are retirees more likely to have credit card debt?

More than two-fifths of retirees carry balances on their credit cards, according to the 2024 Spending in Retirement survey, released in November by the nonprofit Employee Benefit Research Institute, or EBRI. Retirees are more likely to have credit card debt than any other kind. ...

How much credit card debt do retirees have in 2024?

About 68% of retirees had outstanding credit-card debt in 2024, up "substantially" from 40% in 2022 and 43% in 2020, according to a new poll by the Employee Benefit Research Institute. "It's alarming for retirees living on a fixed income," said Bridget Bearden, a research strategist at EBRI who analyzed the survey data. ...

Why is credit card debt rising?

The share of retirees with credit card debt has risen "substantially" since 2022, according to the Employee Benefit Research Institute. That's largely due to pandemic-era inflation, one researcher said. Credit card interest rates are also at all-time highs. Financial advisors offered some tips for retirees to whittle down their debt. ...

Should retirees pay off credit card debt?

"It might make sense to let the tax tail wag the dog, pay the taxes, and then pay off your debt especially if you are at a 20%-plus interest rate," Jenkin said. There's been a significant increase in the share of retirees with credit card debt since 2022, according to the Employee Benefit Research Institute. ...

Are seniors struggling with credit card debt?

Seniors are struggling with credit card debt at a moment when retirees, along with the rest of America, face dual economic challenges of inflation and elevated interest rates. Unlike younger Americans, however, retirees tend to live on fixed incomes. They cannot, as a rule, go out and find a higher-paying job to manage their debt. ...

Is debt good or bad for a retiree?

Retirement researchers think of some debt as good and other debt as bad. “Credit card debt would be bad,” said Liu, from Boston College. “It has a very high interest rate, and it compounds really fast.” Mortgage debt could be good for a retiree, at least in theory. ...