Baby boomers struggling with credit card debt too

In our last post we focused on the fact that younger Americans are really starting to rack up credit card debt. And while this is certainly true, Demos, a policy research organization, found that Americans over the age of 50 are also really financially struggling with credit card debt.
One 62-year-old woman recently shared her story. After helping her daughters with college, some unexpected medical bills and getting a divorce herself, and also deciding to go back to school, she finds herself paying hundreds of dollars per month in credit card debt. However, these payments are mainly going to interest and she isn’t really seeing the overall balance of what she owes going down.
The study conducted by Demos shows she is not alone. Of those over the age of 50 who are considered low-to-middle class, those with credit card debt owed an average of $8,278. When looking at where this debt is coming from, half rely on credit cards for medical expenses and half use their cards for every day expenses, like groceries and utility bills.
In terms of paying down this debt, many have found it even harder in recent years. Due to the recession, after being laid off, many hard workers were not able to find jobs.
Fortunately, just like anyone else who is struggling with credit card there, there are often debt relief options that are available. These options can result in peace of mind, especially for those who are getting closer and closer to the retirement age.