About 75% of Americans over 50 carry some form of debt, survey finds

(InvestigateTV) — The AARP examined debt among adults ages 50 and up and found nearly 6 in 10 of adults carry credit card debt balances month after month.

The survey also found that housing costs are the most commonly cited reason for debt, both for homeowners and renters. The cost of vehicles, everyday expenses and the loss of a job because of a disability or an illness are also major factors.

Lori Trawinski with the AARP Public Policy Institute said people over the age of 50 are carrying credit card debt more than any other type of debt at this moment.

“As a society, we look at credit card debt and think people are making bad decisions and they are impulse purchases. What our research found was a lot different,” Trawinski said. “Everyday expenses. We’re talking about medicine, things you need to live each day- and those are major contributors to the credit card debt. So, it’s not about fancy vacations, it’s about trying to live.”

Trawinski said escalating debt can be a huge burden on someone’s well-being.

“A lot of people reported that they’re feeling stressed, and about 25% of the people who said their debt was a major problem, a lot of them are saying they’re depressed,” Trawinski reported. “So, it can lead to mental health issues as well as physical issues. It’s a burden! And people have a lot of worry about the amount of debt that they’re carrying.”

Trawinski said the biggest way to stop debt from growing is to start with a budget. Know how much money is coming in and then look at where it’s going when making payments every month.

She urged people to look for ways to cut costs and added that the best time to start reducing debt is now.

“Every dollar you spend is money that you can’t use to save for other purposes,” Trawinski said. “And we all need to save for retirement, so it’s about delaying spending today – if you can – so that you can put your savings to other uses. And benefit from the compounding of your investments and your savings.”

She reminded people to not get discouraged or embarrassed. Everyone carries debt at some point in their life. The most important thing is to keep moving forward and tackle the burden.