Debt levels among Americans age 55 and older continues to rise, which could put millions of baby boomers’ homes at risk, according to a new report, “Debt of the Elderly and Near Elderly, 1992-2013,” from the Employee Benefit Research Institute in Washington, D.C.
The average debt among this age group is $73,211. The percentage of Americans age 55 and older with debt payments greater than 40 percent of their income rose to 9.2 percent in 2013, from 8.5 percent in 2010. What’s more, the percentages of families whose debt payments are excessive relative to their incomes is at — or near – the highest levels since 1992, according to the report.
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