AARP concerned about credit card debt of those 50+
AARP: 87% of 50+ credit card debt stems from unexpected expenses
(InvestigateTV) — A new survey from AARP found nearly half of adults aged 50 and older are carrying credit card debt, including people from all income levels.
AARP Senior Vice President of Research Indira Venkat said this issue cuts across all income levels for adults 50 and over.
“Our recent survey showed that this is a concerning trend that we are observing,” Venkat said. “Where nearly half of older adults are carrying credit card debt right now. And among them, nearly half are using it to pay for basic expenses.”
The survey also found that among adults who feel financially insecure and have credit card debt, 57 percent owe $5,000 or more.
“So that gives you a sense of the scale and the degree of challenges that older adults are facing,” she noted.
For those who feel overwhelmed with their credit card debt, Venkat suggested making a plan to tackle the debt and to be intentional about paying it down.
She also said look for helpful tools, like the AARP’s credit card pay off calculator, or find tips from places like the National Foundation for Credit Counseling to help reduce the debt.
“Get advice when needed,” Venkat urged “And don’t be hard on yourself. Stay focused on that north star and stay on track.”
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