Dying With Debt: A Dirty Little Retirement SecretSubmitted by bobbyw24 on Wed, 11/17/2010 - 08:17
Retired Americans are racking up credit-card debt like never before, be it for vacations or medical expenses, and a surprising number have no intention of paying it off before they die.
Nearly 40 percent of retired Americans said they’ve accumulated credit-card debt in their twilight years — and aren’t worried about paying it off in their lifetime, according to a survey released by CESI Debt Solutions.
“At the end of the day, some people of a certain age say, ‘It’s too late in the game for me to do anything about it. I can’t win. So I’m just going to stop playing the game,’” said Neil Ellington, executive vice president at CESI.
This may come as a surprise to younger generations who thought their parents, the so-called Greatest Generation, were more responsible than youngsters raised in an era of easy money, a culture of credit.