Tag: credit card debt
New experiment finds progress more elusive than expected. Our recent study about debt holdings of older Americans focused our attention on how credit card debt could get people in trouble. We, like other observers, bemoaned people’s tendency to pay the minimum required amount, and, like other observers, blamed these minimum payments on the prominence of…
Abstract This paper uses financial data from a major credit bureau for a nationally representative 2 percent random sample from more than 250 million consumer records to examine the financial health and indebtedness of older adults. The data cover the years 2010 through 2019 and follow the same consumers over time. Consumer records include numerous…