Talking about money with family is never easy — especially when it involves debt.
Imagine this scenario: Jamie learned his 72-year-old mother had racked up $150,000 in credit card debt. The revelation came as a shock. His mother, who is retired, has no savings or significant assets and depends on monthly Social Security payments to get by.
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This financial situation may sound extreme, but it’s not isolated. Many older Americans are heading into retirement, still burdened by high-interest debt.
According to Federal Reserve data obtained by Forbes, adults aged 60 to 78 had an average credit card balance of $6,648 in the fourth quarter of 2024.
At the same time, the National Reverse Mortgage Lenders Association reports that…
