Older consumers are carrying more debt, including mortgage, credit card, and even student loan debt, into their retirement years than in previous decades, according to a new CFPB report.

The CFPB warned against the dangers of carrying a mortgage into retirement.

"Mortgage debt, the largest debt that older consumers carry, is the key driver of this trend. Today, compared to a decade ago, fewer older homeowners own their home outright," said the CFPB's "Snapshot of older consumers and mortgage debt" report. "For many of the roughly 4.4 million retired homeowners with mortgage debt, making monthly mortgage payments on top of paying other monthly expenses can be a hardship."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 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.