Olde Hornet
Well-Known Member
http://www.usatoday.com/story/money.../12/retirement-debt-budget-mortgage/13867549/
Debt — whether it's credit card debt, student debt or mortgage debt — is emerging as a serious threat to a successful retirement for thousands of Americans.
"We saw this huge refinance boom in the 2000s," says Katherine Dean, head of wealth planning at Wells Fargo Private Bank. "There's also the trend of people buying homes later in life and buying a second home late in life. We are seeing older Americans saddled with debt."
In fact, according to the Consumer Financial Protection Bureau, the percentage of homeowners age 65 and older carrying mortgage debt increased from 22% in 2001 to 30% in 2011. Among those age 75 and older, the rate more than doubled, from 8.4% to 21.2%.
Debt — whether it's credit card debt, student debt or mortgage debt — is emerging as a serious threat to a successful retirement for thousands of Americans.
"We saw this huge refinance boom in the 2000s," says Katherine Dean, head of wealth planning at Wells Fargo Private Bank. "There's also the trend of people buying homes later in life and buying a second home late in life. We are seeing older Americans saddled with debt."
In fact, according to the Consumer Financial Protection Bureau, the percentage of homeowners age 65 and older carrying mortgage debt increased from 22% in 2001 to 30% in 2011. Among those age 75 and older, the rate more than doubled, from 8.4% to 21.2%.