Credit Cards and retirement
The Wall Street Journal
has some sobering statistics regarding seniors with credit card debt.
Being older and wiser, seniors have always (and continue to be) the
least likely demographic to borrow money on credit cards (or anywhere
else for that matter), or to maintain balances on their cards. While
the percentage of seniors who do these things seems to be remaining
stable (1/3), the ammounts being borrowed are apparently skyrocketting.
Some of the reasons? Rising medical costs, as well as the simple fact
that people aren't saving as much money anymore.
The other big statistic quoted as on the rie among seniors? Bankruptcy.