George Camel, a financial expert at the Ramese Solutions, has weighed Americans working at the age of previous retirement and provides advice for investors.
With about half of Americans aged 50 years and above credit card debt According to a new AARP survey, with loan balances, are using credit cards to cover basic living expenses.
AARP found that 47% adults of the age of 50 and who carry credit card loans are using their credit cards to pay for basic living expenses such as food, housing, utilities, health care and unexpected financial requirements. Among people with credit card balance, 17% used credit card every month for those expenses.
of Old American With credit card loan, 37% said that they have more credit card loans than a year ago. About half, or 48%, said they carry credit cards balance of $ 5,000 or more-while 28% balances at least $ 10,000.
In research, Fox Business told Fox Business in an interview, “If you look at children between 50 and 64 years, the group that is probably for retirement on the runway ramp, this is the group that is particularly feeling the impact of credit card loan.”
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Credit cards are bending on credit for old American daily expenses with loans, AARP found. (Istock / istock)
Venkat said, “What is there, they have a line of closeness and vision for a possible retirement.” “They must make a difficult choice – the option between paying credit card loans or saving for retirement and ensuring them Retirement securityBut this in any way old adults and who have retired, and many of them do not reduce those, they create very difficult challenges for them to pay their credit card loans. ,
The AARP survey found that in over 50 adults with credit card loans, 26% are very concerned about how much time it will take to pay their debt, almost one-five to estimate that it would take more than five years.
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More than a quarter of old Americans with credit card loans are worried about how long it will take to pay them. (Istock / istock)
Top drivers of credit card loan included everyday expenses such as food, housing, utilities, vehicles cost and healthcare. Half of respondents in more than 50 corkets with credit card loan Healthcare Has contributed to their debt. In that group, the biggest expenditure categories were dental expenses (46%), prescription drugs (35%) and vision care (19%).
Venkat said that “there are many old adults for whom there is no alternative” when it comes to spending on credit card. “If it is a matter of pouring food on the table, they actually have a limited number of options for it.”
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Old Americans used credit cards for daily expenses including housing, food, utilities, healthcare and other unexpected expenses. (Istock / istock)
About half, or 46%, with adults 50 and credit card loans have been stated that the loan has hurt their capacity save for later,
“He said, I think what is happening, especially for those who are on the runway for retirement, are they making a difficult choice,” he explained. “Do they bring the credit card loan down or withdraw money towards retirement security? And the decisions that they are based on the level of knowledge, which they have, where they have an urgency for payment of loan, especially in the light of high interest card expenses that they are provoking.”
Regarding AARP’s personal finance resources, he said, “In AARP, what we are doing is to ensure that they are informed that they have access to different approaches that they can use to address credit card loans,” they said about AARP’s individual finance resources, which they said that they said that the non-AARP members, including the non-AARP members, are stubborn.
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Those resources include equipment Financial calculatorIn which the focus on paying credit card loans, as well as a financial advisor, provides tips to ask for questions to ask strategies to pay the loan.
“It’s so much task that you are and your personal circumstances, but the important thing we are repeating now, to start today, how you are doing and will be intentional with a plan to address the debt.
