A new survey of Gen X and Baby Boomer Americans conducted by National Debt Relief reveals how soaring costs and debt burdens are delaying retirement and reshaping financial futures.
By the numbers: 72 percent of survey respondents have accumulated at least some debt, with over half saying their debt has “held them back” in life.
- Likewise, over half reported they feel overwhelmed by debt and fear they will never pay it off.
- Credit card debt is the most common form of debt, with 45 percent of respondents carrying a balance. On average, they owe nearly $9,000 and pay $418 towards it each month.
- Medical debt is also a significant burden. Nearly 1 in 5 (17 percent) reported having an average of $9,144 in outstanding medical bills.
What they’re saying: “Our findings reveal a troubling reality: our nation’s growing consumer debt epidemic has left millions of older Americans feeling stressed about their debt, which has considerable impacts on their ability to build a comfortable financial future and their ability to retire. For many, what they’ve worked towards for decades, feels out of reach,” said Natalia Brown, Chief Compliance and Consumer Affairs Officer, National Debt Relief.
