AARP Reports Rising Credit Card Debt Among Older Americans

A recent AARP survey highlights that nearly half of Americans aged 50 and older with credit card debt are using it to cover basic living expenses such as food, housing, and healthcare, raising concerns about financial security as many approach retirement. The survey found that 52% of adults aged 50-64 carry credit card debt, with 47% relying on credit cards for essential expenses they cannot afford otherwise. A significant portion of respondents reported increases in their credit card balances over the past year, indicating a troubling trend. Medical expenses, particularly dental costs, and vehicle-related expenses are significant contributors to this debt. While some older adults feel financially secure despite their debt, many face tough choices between paying down debt and saving for retirement. This situation is particularly dire for retirees on fixed incomes, who may struggle to manage their debts effectively.