Debt Weighs Heavily on Older Americans, With Credit Cards and Mortgages Topping the List
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Nearly 3 in 4 Americans aged 50+ carry some form of debt, especially credit card debt which recently hit a record high.
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61% of older Americans with debt say it causes them stress; 34% say it has caused stress in the past year.
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46% of those stressed by debt owe $10,000 or more in credit card debt.
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Mortgage debt is also common, with more Americans carrying it into retirement compared to 30 years ago.
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Even with Social Security COLA increases, many say inflation outpaces the boosts, making it hard to manage debt loads.