- Half of the older households were carrying medical expenses, such as prescription drugs and dental expenses, on their credit card accounts.
- 34% of the older households were using their credit cards to pay for basic living expenses such as groceries, utilities and housing costs.
- Job loss was a factor in running up credit card debt in nearly 25% of the older households.
- But the older households have a much bigger heart than the younger households: 23% have taken on credit card debt to help other family members versus 11% of the younger households.
Older Americans Running Up Large Credit Card Debt
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.