High inflation in the U.S. is causing financial stress for many households, particularly older Americans on fixed incomes.
A recent AARP survey revealed that nearly three in four Americans aged 50 and older carry some form of debt, with credit card debt reaching a record high.
The burden of debt has led to stress and depression for many, and interest rate surges are exacerbating the issue. (Trending: ‘The View’ Host Suffers Anti-Trump Melt Down For the Ages)
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“When you look at the survey that we just completed, you’ll see that most of the people had credit cards, but there’s an awful lot of mortgage debt being carried by people into retirement – much more than used to be, say, thirty years ago,” Lori Trawinski of AARP’s Public Policy Institute said.
“So people are entering the retirement years with mortgages they have to pay.”
“They’re carrying credit card debt. We’re seeing auto loans as well.”
“And then to add to this, there is a small percentage of people carrying student loan debt into their retirement years as well.”
“So it’s not just one thing, it’s many types of debt,” Trawinski stated.
“And that’s also showing us that a lot of people are having difficulty managing all of that debt as they go into retirement.”
The survey also highlighted the increasing trend of carrying mortgage, auto, and student loan debt into retirement, making it challenging for people to manage their finances.
Despite cost of living increases, retirees and other Americans are struggling to keep up with rising prices, and the situation is further exacerbated by stagnant wages.
“No matter what the COLA increase is, it never covers the real price that everyone pays for all the goods and services that you have to buy,” Trawinksi said.
“And it’s not just people who are retired on fixed incomes who are not able to keep up, but it’s working people who don’t get salary increases or raises in wages that keep pace with inflation either, so that also causes people to fall behind.”
She added, “If you’re on a tight budget, it becomes very difficult.”
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