Senior Citizens Drowning In Credit Card Debt

In a startling report, great numbers of non-wealthy senior citizens are amassing serious credit card debt at an alarming rate—outpacing many other demographics. Based on a 2008 study, people age 65 and up had an average of $10,235 in credit card debt for that year. The report noted that this was a 26% increase since a previous survey was conducted of low and middle-income borrowers back in 2005. The average debt for borrowers in the survey increased just 3%, to $9,827, during the same time

Grandparents are drowning in credit card debt

Older nonwealthy Americans are racking up credit card debt at a rate that outpaces other groups. People age 65 and up carried an average of $10,235 credit card debt in 2008, according to a study released Tuesday by Demos, a public policy research group. That’s an increase of 26% since the organization’s last survey of low- and middle-income borrowers in 2005. The average debt for all borrowers in the survey rose just 3%, to $9,827, during that same time period. Rising health care costs ma

Credit Card Debt: How it Starts

In: Personal Finance 17Jun2009 by Chris BlanchetMost people have credit card debt because they usually spend more money than what they earn. This affects their personal finance plans. Nevertheless, certain other factors can compel an individual to end up with thousands of dollars in credit card debt. Debt such as this may have resulted from impulsive spending, personal expenses, medical costs, and other unplanned emergencies. Regardless, our credit card debt needs to be dealt with effectively

Reducing Credit Card Debt Starts With Understanding How It Came To Be

by Chris Blanchet Most people have credit card debt because they usually spend more money than what they earn. This affects their personal finance plans. Nevertheless, certain other factors can compel an individual to end up with thousands of dollars in credit card debt. Such debt might be the result of impulsive spending, escalating personal expenses, medical costs and other emergency expenses. However, credit card debt has to be dealt with effectively, as it will affect the budgeting and