WASHINGTON — A new AARP survey released today reveals nearly half (47%) of adults age 50 and older who carry credit card debt use credit cards to pay for basic living expenses that they do not have enough money to cover, with 17% of them relying on credit cards to cover basic expenses every month over the last year. The findings reveal how rising costs of basic expenses like food, housing and utilities, along with health care expenses and unexpected financial burdens, are threatening financial well-being and retirement security for many older Americans.

The survey found that 37% of older adults with credit card debt report that they have more credit card debt than a year ago. Nearly half (48%) of older adults who carry a credit card balance from month-to-month owe $5,000 or more, and 28% carry a balance of $10,000 or more. Almost 9 in 10 respondents (87%) say that unexpected expenses contribute to their credit card debt.

“A concerning number of older adults carry credit card debt today just to make ends meet,” said Indira Venkat, AARP Senior Vice President of Research. “Credit card debt can jeopardize retirement security. For many retirees, who often live on a fixed income, it’s a real challenge to pay down debt without significant trade-offs.”

Older adults most likely to carry a monthly balance include people ages 50-64, those with incomes under $40,000, as well as Black and Hispanic/Latino older adults. More than half (52%) of adults ages 50-64 have credit card debt. Significant portions of those ages 65-74 (42%) and 75 and older (35%) also carry credit card debt.

Additional key findings of adults age 50 and older who carry credit card debt:

• Long-term Financial Strain: Among those who are worried about their credit card debt, 43% are very worried about how long it will take to pay off their debt. Roughly 1 in 5 expect to take more than five years to pay it off. The top drivers of credit card debt include everyday expenses, vehicle costs, housing costs, and health care.
• Health Care Expenses: Fifty percent say that health care expenses have contributed to their credit card debt. Among this group, the biggest medical expenses contributing to debt are dental expenses (46%), prescription drugs (35%), and vision care (19%).
• Paying off Debt from Cancelled Credit Cards: Twenty-three percent are still paying off balances on cancelled credit cards.
• Declining Savings: Forty-six percent say credit cards have hurt their ability to save for the future.

These findings are based on a survey of 4,846 adults ages 50-plus who carry over credit card debt from a previous month, whether on active cards or cancelled cards. To view the full survey and methodology, visit www.aarp.org/ccdebt. Learn more about AARP’s resources for managing money at AARP.org/MoneyTools.

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About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.