Sort by
In the media

Older Americans Carry More Credit Card Debt

USA Today

Older Americans rely on credit cards as their financial safety net and pay down less of their debt than younger consumers, a new study shows.

Last year, the low- and middle-income 50-plus population had an average credit card balance of $8,278, compared with the younger generation's balance of $6,258, according to research conducted by Demos, a liberal public policy organization on behalf of AARP.

The older generation managed to reduce their balances by 16% from 2008 to 2012. But the under-50 age group surpassed that, paying off 37% of their credit card debt in the same period.