Here’s a rather frightening new statistic from the Census Bureau: America’s senior citizens have become much more likely to fall into debt. Between 2000 and 2011, the median amount of debt held by households led by those 65 and over more than doubled.
In 2000, such households reported roughly $12,000 in overall indebtedness. By 2011, that number had risen to $26,000. Such indebtedness is especially dangerous for older people, who are often on a fixed income.
Levels of indebtedness for households of other ages also rose, although not at such a dramatic pace. Americans aged 55 to 64 also now carry more debt - a median of $70,000 - but the increase from 2000 to 2011 was just 64%. Overall, the typical U.S. household’s debt rose 37% over that period.
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