If you think grandma can send you more than the usual $50 in a greeting card for your birthday, think again. The senior citizen bracket is amassing credit card debt faster than any other age group.
A Demos study revealed that non-wealthy Americans 65 and up carry, on the average, a debt of $10,235 in 2008. Compared to the last survey’s 2005 figures, the figure rose an alarming 26%. The average for all borrowers rose 3% to $9,827.
The report cites that rising health costs may be forcing the elderly to use their cards. Of the families surveyed, more than 50% cited medical expenses as the major reason for debt with prescription drugs cited as the biggest expense.
This simply shows how the health care system places our seniors at a great disadvantage. With practically no income and health issues mount, they are simply headed for the longest haul when it comes to servicing their debt.
