The May issue of Money magazine arrived today. As usual, I devoured it in one sitting.
But that doesn't mean it was without its depressing moments. One of the first articles talks about the increasing debt loads carried by people older than 65. I'd link to the piece, but it's not yet up at the Money site.
Apparently, in the United States, a third of those age 65 or older still have a mortgage--up from 20% in the 1990's. The median amount owed is $56,000.
Worse, seniors owe an average of $10,235 on credit cards.
I will likely be among those with some remaining credit card debt when I turn 65 though I don't plan to retire until I get rid of it.
But my mortgage will be paid by the time I turn 65. The article's statistics are scary and do not describe a group I want to be part of.