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Here's Why Credit Card Debt Is A Problem In Retirement -- And What To Do About It
When we imagine people owing money on their credit cards, we may be inclined to conjure up images of younger folks whose debt got ahead of them. The unfortunate reality, though, is that plenty of older Americans have credit card debt and end up carrying it with them into retirement.
Ascent research finds that Gen Xers carry the most credit card debt of any generation today, with an average balance of $8,870 as of 2023. That's problematic, though, because older Gen Xers may be right on the cusp of retirement. Furthermore, as of 2023, the average credit card balance held by baby boomers was $6,601 -- not a negligible amount.
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