Americans aged 50 and older carry more credit card debt than younger citizens

January 17, 2013 | | BankCreditNews.com |

A recent survey by Demos found that middle-income Americans 50 years of age and older have more credit card debt, on average, than younger Americans, a finding opposite of that reported in a 2008 survey.

The report revealed that older American households had an average credit card balance of $8,278 in 2012, while households with members under age 50 carried an average credit card balance of $6,258.

“Older Americans living on a reduced income and feeling strapped for money will likely turn to credit cards as a way to make ends meet,” Gail Cunningham, the vice president of the National Foundation for Credit Counseling, said, according to USA Today.