Consumer Borrowing Up as Boomers Cut Back on Retirement Funding
ARLINGTON, Va. -- Americans are going for the plastic in increasing numbers, according to NAFCU's Macro Data Flash Report analysis for early May.
The report found that total consumer installment credit increased by 7.2% to an annualized $2,558.4 billion. And a separate survey from AARP recently found that one in 10 baby boomers and slightly older retirees has to borrow to cover the costs of everyday living expenses. Thirty-three percent of just over 1,000 AARP members surveyed said they'd stopped paying into their 401(k)s.