Retirees
are taking on debt faster than any other demographic group. For households
with people 65 and older, credit-card debt doubled from 1992 to 2004, to $4,907.
For people 75 and older with debt, their average balance shot up 160 percent
to $20,234. Much of that credit card spending went toward health care.
If you find you're using your credit cards to make
monthly ends meet in retirement, you need to take a hard look at your overall
financial picture to find a long-term answer to the crunch. Part-time work
or taking out a reverse mortgage may be a better alternative.
