Credit Card Debt: Younger People Borrow More Heavily and Repay More Slowly, Study Finds
COLUMBUS, Ohio – Younger Americans not only take on relatively more credit card debt than their elders, but they are also paying it off at a slower rate, according to a first-of-its-kind study.
The findings suggest that younger generations may continue to add credit card debt into their 70s, and die still owing money on their cards.
“If what we found continues to hold true, we may have more elderly people with substantial financial problems in the future,” said Lucia Dunn, co-author of the study and professor of economics at Ohio State University. (more…)