New research shows that retirees' credit card debt is growing. Here's how you can tackle yours now.
Credit card debt among retirees has reached alarming levels, with 68% of retirees now reporting that they have outstanding credit card balances, according to the Employee Benefit Research Institute's latest Spending in Retirement Survey. This marks a dramatic increase from 40% in 2022 and 43% in 2020, signaling that credit card debt is a growing financial challenge for America's retired population.
C to pay off high-rate credit card debtFor retirees who own their homes, a home equity line of credit can be a viable option to pay off credit card debt. Cs typically offer much lower interest rates than credit cards, as they use the home as collateral. By using a C to pay off high-interest credit card balances, retirees can reduce their monthly interest costs and take advantage of longer repayment terms.However, this approach does come with risks. Failure to repay a
C can jeopardize homeownership, which could have serious consequences for retirees relying on their home equity as part of their retirement plan. So before taking this route, just be sure to assess whether using home equity for debt relief is actually a suitable option for your situation.
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