U.S. Seniors Deep In Credit Debt

An increasing number of older Americans find themselves deep in credit card debt or even filing for bankruptcy.

A separate study by Demos, a New York-based think tank, found that seniors over age 65 were carrying an average of $4,041 in credit card debt in 2001, nearly double the amount reported by seniors 10 years earlier.
The Demos analysis of Federal Reserve data also found that the newly retired - those 65 to 69 - were carrying nearly $6,000 on their cards, triple the level of a decade earlier.
Tamara Draut, director of the economic opportunity program at Demos, blames "weakening of the three-legged stool" that elders are supposed to rely on - Social Security, pensions and private savings.