70% of Older Adults Still Have Debt… Here’s What We Can Do About it!
The media likes to talk about us as “the richest generation of all time” and, in many ways, we are.
It’s undeniable that our generation benefited from one of the longest periods of prosperity in the history of the world. Many of us also rode the wave of technical evolution and benefited from an expanding stock market.
At the same time, our generation, more than any before us, became trapped by consumerism. Far too many of us worked to consume and consumed to forget our work. I’m not preaching by the way… for much of my life, I did exactly this!
Our Generation’s Debt Problem is Worse Than We Think
So, at the end of the day, how have we done on the old “wealth vs. debt” scale? Did our generation save more than it spent? In a word… no.
According to a pair of studies by creditcards.com (yes, I realize the irony), 70% of people over 55 in the U.S. have some form of debt. In addition, 50% of households lead by someone 55-64 still have credit card debt.
I don’t mention these statistics to scare or depress you. On the contrary, I want to bring an important issue facing many of my Sixty and Me sisters into the open.
As someone who has faced my share of credit card debt over the years, I know how difficult turning your financial life around can be!
So, to help you out, I have written a couple of articles – based on my own experience – about how to accept and solve your debt problems.
How to Get Out of Debt – Some Advice from the Sixty and Me Community
First, in the following article, I talk about how to deal with the psychological aspects of having a debt problem. After all, the worst thing that you can do when you are in debt is stick your head in the sand. Taking action is not possible without accepting yourself, warts and all!
In another article, I discuss the tangible steps that any of us can take to negotiate with your creditors. These are the exact steps that I – and many other women in our community – followed to reduce our debt burden. I hope that you find them useful!
Now, I’d like to turn things over to you. We have so much experience to share. Let’s give each other some advice for getting out of debt so that we can enjoy life after 60.
What advice would you give to someone who is struggling with debt? Have you successfully paid off debt in your own life? What did you learn from the experience? Let’s start a conversation!