Senior Debt Load Has Exploded in Recent Years
August 9, 2019
Between student loans, credit cards, and mortgages, it is well known that young and middle-aged Americans are carrying more debt than ever, but the same is also true for seniors. Americans in their 60s held $2.16 trillion in debt during the second quarter of 2019, down just slightly from the record high of $2.17 trillion in the first quarter. This is significantly higher than the $1.47 trillion they held in 2008, as the Great Recession began. Other age groups have seen their debt loads remain relatively similar, or even decrease, in the years since the last financial crisis.
The situation is even worse for older Americans. Those in their 70’s have seen their debt burden double since the Great Recession. Today they hold $1.16 trillion in debt, as compared to $540 billion in 2008.