Over the last several decades, the share of older adults who carry credit card debt from month to month has climbed considerably. In fact, credit card debt is now the most common type of debt held by adults age 50-plus. Although it remains more common among adults age 50-64 than among those 65-74 and 75-plus, debt among the 75-plus group has risen sharply.
Why this matters
Carrying high-interest credit card balances can be risky — particularly for people approaching or already in retirement who may be on fixed incomes. Interest accrues, savings growth is impaired, and unexpected health or home costs can make repayment more difficult.
Who is most affected
The data show higher shares of credit card debt among 50–64 year olds, adults with incomes under $40,000, and Black and Hispanic adults. These differences point to broader structural and economic pressures that go beyond individual choice.
Policy context: With credit rates near historic highs, balancing convenience and credit risk is more important than ever for older adults planning retirement.
What to explore next
- Breakdowns by age, income, and race/ethnicity with charts and tables
- Differences between those who feel financially secure vs insecure
- Practical steps older adults can take to manage balances and protect retirement savings
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