Seniors Piling Up Credit Card Debt In Golden Years

Not so long ago debt “was a four-letter word when spoken in the same breath
as “retirement.”

Before waltzing into their golden years, older Americans
paid off their loans, then celebrated by burning the mortgage.

How things have changed! Now a third of folks 65 and older have a mortgage vs. 20% two
decades ago, according to recent Census data. Median balance: $56,000.

Meanwhile, seniors 65 and up carry an average $10,235 on credit cards, think
tank Demos reports. Story by Karen Cheney for Money Magazine.

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