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.
Elderly Americans are carrying more credit card debt, according to a new survey.
The survey reports the main reason is due to job loss and medical bills, not because of a lack of financial responsibility.
The study looked at 997 middle-income households that were carrying credit card debt for at least three months. Of the respondents, households age 50 and older had an average credit card balance of $8,278 compared to an average debt of $6,258 for households under age 50.
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.
Tonight on NBC Nightly News, Chris Jansing reports on a new study that shows Americans age 50 and older are carrying an average of $8278 in credit card debt, thousands more than younger people. In addition, nearly 18 percent of those nearing retirement said they are using their retirement funds to pay down credit card debt.
AARP announced a major policy and research initiative Tuesday drawing attention to the economic decline of the American middle class. In the run-up to what will surely be a bruising Congressional battle over Medicare, Medicaid, Social Security, and other federal benefit programs, the powerful seniors' group said it would push for strengthened supports for all generations.
The head of AARP warned Tuesday that cost-of-living adjustments in Social Security would jeopardize the retirement security of many seniors.
A. Barry Rand, in a speech at the National Press Club, laid out his group's agenda as Washington heads into another showdown over the debt ceiling.
Rand repeated AARP's opposition to moving to the so-called chained consumer price index (CPI), calling it "one of the worst" ways to reduce spending in Social Security.
AARP CEO A. Barry Rand called for renewed focus on strengthening Social Security, Medicare and Medicaid in a speech today at the National Press Club. Rand discussed findings from AARP Public Policy Institute's newly released "Middle Class Security Project," which studies how middle class working Americans struggle - and often fail - to build and maintain retirement security.
Adrift on a sea of red ink, more middle class Americans are feeling queasy about their retirement plans. And many of those struggling to save have very little time to right the ship.
A new analysis of state spending on higher education finds that states with a diverse economy, low unemployment, and a history of support for higher education are likely to maintain public spending on colleges. Conversely, states that do not have those characteristics have a hard time overcoming fiscal challenges to create a robust system of higher education.
A mid-September sunny day in New York City draws those with the day off to go to the parks and laze along the avenues, walking by the workers on call, cleaning up after tourists, holding together a city that always seems held together by the sweat of its massive workforce and a dose of city pride. Beneath the massive Washington Arch, a woman in a wheelchair, beside other men and women in wheelchairs and other prosthetic devices, holds a sign that says, “Occupy Wheelchairs.” The Occupy Wall Street Disability Caucus is holding an assembly to proclaim its presence at Occupy, Year 2.
A new fact sheet from Demos, College on a Credit Card, investigates the relationship between educational expenses and credit card debt, and shows that putting college on credit can be a very bad deal.
A new report from the New York Fed suggests that even while the rest of household debt improved since March, driven by decreasing credit card and housing debt, student loans have worsened.
Many Florida families have been paying up to 25 percent of median income for public in-state college costs — out of reach for some middle-class parents who have taken recent pay cuts or lost jobs, according to a new study.
It seems there is little real relief on the horizon.
“If you’re coming out of college with an average number of $20,000 to $25,000 in debt and there’s no job out there, you’ve got a real problem,” said John Quinterno, a researcher who has studied the consequences of student debt.
Since 2008, working families have done everything they can to get by – changing spending habits, paying down debt, taking on 2nd (or 3rd jobs), digging into savings and retirement funds, and even cutting back on medical care – but they’re still falling behind.
In its May 2012 Plastic Safety Net survey, research and advocacy company Demos surveyed 997 low- and middle-income American households that carried credit card debt for three months or more — and looked at how the recession and the Credit CARD Act of 2009 have affected American households.
It’s easy to get in over your head when it comes to credit-card debt, and retirees are no exception.
According to New York-based research group Demos, those 65 and older from low- and middle-income households carried average credit card debt of $9,283 in 2012, the highest debt load of any age group in the survey.
But here's the fact that convinced me older Americans need more help managing their debt than new college grads: The age range of low- and middle-income Americans with the highest credit-card debt today is 65 and older — they owe an average of $9,283. By comparison, 18- to 24-year olds average just $2,982 in credit card debt; those aged 25 to 34 are about $5,156 in the red.