Advertisement

You will be redirected to the page you want to view in  seconds.

Older Americans carry more credit card debt

Seniors use plastic to buy essentials, prescriptions

11:21 PM, Jan. 16, 2013
Older Americans rely on credit cards as their financial safety net and pay down less of their debt than younger consumers, a new study shows.
Older Americans rely on credit cards as their financial safety net and pay down less of their debt than younger consumers, a new study shows.
  • Filed Under

Older Americans rely on credit cards as their financial safety net and pay down less of their debt than younger consumers, a new study shows.

Last year, the low- and middle-income 50-plus population had an average credit card balance of $8,278, compared with the younger generation's balance of $6,258, according to research conducted by Demos, a liberal public policy organization on behalf of AARP.

The older generation managed to reduce balances by 16 percent from 2008 to 2012. But the under-50 age group surpassed that, paying off 37 percent of credit card debt in the same period. ...

Continue reading in our paid archive

More In APC

In the NFL draft's first round, the Packers should ...

Retrieving results.
Draft a safety.(Your vote)
31%
543 votes
Draft a linebacker.(Your vote)
13%
227 votes
Draft the best player available, regardless of position.(Your vote)
47%
814 votes
Trade the pick.(Your vote)
8%
145 votes

Catch up on the latest in our pregame show every game day.

Football fans

If you've ever answered "Who has the ball?" with "It's halftime," you might recognize The Airhead. Check out the characters in our cartoon gallery of oddball fans.

Special Reports

ORDER YOURS

Football fans

If you've ever answered "Who has the ball?" with "It's halftime," you might recognize The Airhead. Check out the characters in our cartoon gallery of oddball fans.

Special Reports