Today in America, a retirement crisis looms for millions of older adults: growing credit card debt.
Thanks to soaring inflation and the mounting costs of food, housing, utilities, and more, retirees now outspend their annual incomes by more than $4,000, according to the Bureau of Labor Statistics.1 With few options to bridge the gap, more and more older adults like Franklin have little choice but to use their charge cards to cover basic expenses.
In fact, Forbes recently reported that 41 percent of households headed by someone between the ages of 65-74 carry credit card debt—up from 27 percent in 1989, according to data from the Federal Reserve.2 In households headed by someone age 75+, that percentage rose by 18 points during the…
