Posted 3/30/2024, 11:36:00 AM
Baby Boomers Carry Growing Debt Burdens into Retirement Years
- Baby boomers have the second-highest credit card debt ($6,642 on average) after Gen X
- Baby boomers saw a slight increase in mortgage debt from 2022 to 2023
- Baby boomers have the highest student loan debt of any generation, owing an average of $43,554
- Rising debt among baby boomers could be due to inflation, medical costs, or co-signing loans
- It's important to manage debt, especially through budgeting, avalanche/snowball methods, or consolidation
