Credit card debt is the most common punch in of debt carried by adults ages 50-plus.
Half of older adults who carry credit card debt feel financially insecure.
Everyday expenses as well as unexpected expenses are top drivers of credit card debt.
Nearly nine in ten (87 percent) say that unexpected expenses have contributed to their credit card debt.
Many worry about the effect of credit card debt on their ability to save.
Despite their efforts to pay off their debt, few have looked for resources.
Resources for paying off credit card debt and building savings are available.
Additionally, programs that facilitate automatic savings from paychecks can help workers prepare foremergenciesand retirement.
The survey was fielded online and via phone from November 7 to December 2, 2024.
The survey included a total of 1,643 African American/Black adults and 1,250 Hispanic adults.
For more information, contact S. Kathi Brown atskbrown@aarp.orgor Lori Trawinskiltrawinski@aarp.org.
Media inquiries should be directed to External Relations atmedia@aarp.org.
Everyday and unexpected expenses are key drivers.
What is driving these losses, and what can be done to mitigate them?
