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Long on a credit card is obstructed by a savings for many workers approaching pension


Flooded with medical costs out of pocket, Valerie Towe and her husband Paul saw that their debt burden began to swell last year.

Faced with the constant account of the chronic obstructive pulmonary disease of the 77-year-old Paul, rheumatoid arthritis and neuropathy, Valerie started touching credit cards to continue to be up to date.

“I was unable to put an end to the end,” Valerie, 65, told Yahoo Finance.

The cost of weekly foods added the stress – almost doubled last year, she said. And finally, while her concern for increasing, Valerie switched to work with abbreviated working hours.

“When you are a guardian, you can’t do a full -time job,” she said.

Worst of this, as everyone knows who have overturned over a credit card from month to month, is a ballooning debt that occurs when you can only pay the minimum amount of Salda on credit cards indicated by interest rates exceeding 20%.

That’s all Valerie managed to do, and the result is a debt with a loan card that is thrown on the gut that approached $ 30,000, she said.

Nearly half of adults 50 and more years carrying credit cards for a long credit card to pay basic life expenses, according to a new AARP report. And about 3 of the 10 older adults with a long credit card are more than a year ago.

More softening: almost half of them owe $ 5,000 or more, and 28% carries a balance of $ 10,000 or more.

This has serious consequences for pension savings.

“Many older Americans with a debt on a credit card that hope will be withdrawn will have to make a difficult decision whether to pay a debt or save for retirement,” said Indira Venkat, a senior research in AARP, for Yahoo Finance. “For those who have already withdrawn and live on a fixed income, it can be a challenge and pay off the credit card and put an end to the end.”

Read more: Best ways to repay a debt credit card

He’s right on that. When people say why they complain the most after they retreat, Biggie is retreat.

Year 2024. Nearly 7 of the 10 pensioners with a long reported to have debt on credit card, by a survey From the Institute for Research of Employee Compensation (EBRA). It’s from 4 to 10 years ago.

While growing costs of foods, housing and vehicles are a side -by -product of adhesive inflation, one of the biggest curves of debt on the credit card is medical costs out of the pocket, such as prescription drugs, with which they are dragged. Receive teeth and vision, Venkat said.

When they could bring an hour back, almost a quarter of a pensioner says that they would prioritize a credit card and other debts before they got out of the workforce, the new one states Investment Report in Faithfulness.



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