BOSTON — Older consumers, traditionally, have not carried asmuch of a debt load, particularly credit card debt, when comparedto younger consumers.
As the kids have grown and the mortgages and other debts havebeen paid down, older consumers have often seen their overall debtload–and use of credit cards–diminish. But a new study from theNational Consumer Law Center suggests that this may bechanging.
The Center released The Implications of Rising Credit Card DebtAmong Older Consumers in July and it indicated that the averagecredit card debt for Americans between 65 and 69 increased by 217%between 1992 and 2001, rising to an average of $5,844.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
