10/8/2016 – Are grandkids to blame for the 70% jump in seniors’ debt load?

Oct 08, 2014 Comments Off by

What a difference a decade makes, at least when it comes to the debt load that seniors face.

A study released Thursday by TransUnion of approximately 10 million consumers finds that between 2009 and 2014, every single age group except those 60 and older saw a reduction in their average debt load per person (made up of mortgage, auto, HELOC, credit card, student loan and other loan balances). What’s more, over the past decade, the average total loan balance per individual 60 and older rose roughly 70% from 2005 to hit roughly $68,000 this year. “They’re borrowing more today than they did [previously],” says Charlie Wise, the vice president of Transunion’s Innovative Solutions Group.

Read the full article at MarketWatch.

Financial Security 2014, Longevity News 2014

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