Debt is no picnic at any age, but it’s particularly rough on senior citizens. Most are nearing their retirement years or have already retired with little time (or money) to pay down debts.
Seniors tend to have better access to more credit if they need it. Their average credit score is 745, well above the national average of 701. That’s both good and bad news. Better access to credit can tempt seniors into increasing debt or letting credit ride throughout their retirement years when they have less income to avoid a debt spiral.
The credit reporting agency Experian finds that Americans aged sixty and above do have less debt than the average American – $70,633 compared to the $93,446 national average – but that’s still a troubling number given that most incomes will decrease during retirement years.