A recent AARP survey reveals alarming trends regarding credit card debt among adults aged 50 and older. Nearly half of these individuals are using credit cards to cover essential expenses, such as healthcare and housing, with 17% relying on credit to fill monthly budget gaps. The report highlights that 37% of older Americans now carry more credit card debt than a year ago, with many owing significant amounts—48% have balances exceeding $5,000 and 28% more than $10,000. This financial strain poses a serious threat to retirement security, particularly for those on fixed incomes. The article details various strategies to manage and reduce credit card debt, including debt settlement, consolidation, and utilizing zero APR balance transfer cards. It also discusses the potential risks of home equity loans and bankruptcy as means of debt relief. Overall, the findings underscore the urgent need for older adults to address their financial health to secure a more stable retirement.
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