The amount of debt by those 50+ years old is increasing. As debt collection attorneys in Florida, we are particularly attuned to this trend, given that Florida is a major retirement area.
A new study says, “the debt load of the average household headed by someone over the age of 50 increased 69 percent over the past two decades, and now claims 22 cents of every dollar earned.”
For example, college loans take a huge part in this. In 2005 the average amount of educational related debt carried by those over 60 years old was $11,000. In 2013, those numbers climbed to over $19,000.
It is expected for the amount of debt in older Americans to increase, partially due to the rising cost of living. As time goes on, debt can increase, and retirees, of all people, have learned this the hard way.