Monday, February 25, 2013

Debt of Older Americans

Most older Americans are in debt, according to the Employee Benefit Research Institute. Among households headed by people aged 55 or older, the percentage in debt grew from 54 to 63 percent between 1992 and 2010. The median amount owed by those with debt grew from $16,683 to $55,400 (in 2010 dollars) during those years.

Among older householders, the biggest increase in debt occurred among those aged 65 to 74. About half were in debt in 1992 (51.5 percent), and by 2010 the figure had grown to 65 percent. Even worse, the median amount owed by the debtors in this age group ballooned from $7,583 to $44,600 between 1992 and 2010 (in 2010 dollars).

Source: Employee Benefit Research Institute, Debt of the Elderly and Near Elderly, 1992-2010

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