Seniors in Debt - WMC Action News 5 - Memphis, Tennessee

Seniors in Debt

Despite being perceived as affluent all over the world, more and more American seniors are actually slipping into debt instead of retiring and going on vacations.

Just ten years ago, a senior citizen with credit card debt used to be the exception. Today, retirees are piling up debt at record rates. The average balance has gone up 164 percent. Credit counselors say that nearly half of Americans over 65 owe more than $8,000 dollars. "This is the first generation of consumers who have gone into retirement comfortable with credit card debt and I think it is only going to grow." says Suzanne Boas worth Credit Counseling Services.

Unlike their parents, Americans retiring today are more likely to use credit cards to make up for declining income from savings and investments. "But it's the medical bills and emergencies that hit seniors the hardest." says Boas. Not many American seniors have the resources to pay off their debt and most are too proud or simply embarrassed to seek help, but there is help available. Just click on http://www.aarp.org/confacts/money/debt.html .

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