Could Credit Card Debt Delay Your Retirement?

According to the AARP, Americans 55 and older have been the largest age group to file for bankruptcy in recent years. They account for 23% of the more than 1 million filings in 2007.

Laying aside bankruptcy cases, the sheer volume of mortgage and credit card debt among retired senior citizens is a cause for concern. According to figures compiled by the Employee Benefit Research Institute, 43% of people age 65 through 74 had mortgages in 2007 that carried a median housing debt of $69,000. Largely, it is credit card debt that is an increasing problem for seniors who have limited or fewer resources. According to one study, credit card debt has risen 26% among those 65 and older since 2005.

Get Out Of Debt in 7 Steps (priced at $8.95 / www.TheBigHoopla.com) helps participants gain control of their financial lives in a step-by-step process.  While retirement is viewed as a well-earned conclusion to the grind of the working world, older Americans are forced to delay their retirement. Almost 50% of househeads headed by someone between 55 and 64, and 37% between 65 and 74 carry credit card debt.  In fact, 30% of all households headed by a retiree carry credit card debt. (August 2010, www.creditcard.com)

Now is the time to get your finances in order. 

Let's make this  New Year's Resolution happen.

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