Seniors Have More Household Debt Now Than They Did During the Financial Crisis

A report from the Federal Reserve Bank of New York found Americans in their 60s accounted for $2.16 trillion in debt during the second quarter of 2019, versus the $1.47 trillion they had in the same three-month period of 2008, according to MarketWatch . Those 70 and older have twice as much household debt than they did during the financial crisis of the late 2000s, with $1.16 trillion in the second quarter, compared to $0.54 trillion 11 years earlier. Mortgages comprise most household debt across all age groups, but especially for people in their 40s and older. People in their 50s and 60s have the highest share of debt associated with home equity lines of credit. Debt can be devastating in old age, especially when people have retired and live on a fixed income. Financial advisers often recommend retiring with as little debt as possible, which can be hard to achieve. Seniors in debt are advised to avoid potentially costly quick fixes like a payday lender, and to consult with professionals and lenders to set up a repayment schedule that suits their budget.