2020 Senior Debt Survey

SeniorLiving.org decided to survey 600 people 65 and up to learn about their #debt levels. We also wanted to determine the financial effects of COVID-19 on seniors.

Time Stamps
0:00 Americans are a record $14 billion in debt
0:09 Seniors carry less debt than average American, not more
0:26 2020 Senior Consumer Debt Report
0:53 About 8 in 10 seniors have debt
1:04 Credit Card is biggest senior debt
1:14 Medical Debt smaller for seniors than average American
1:28 Older Americans less likely to have mortgages or auto loans
1:39 How large are debts for seniors and average Americans?
2:06 How many seniors pay credit card balances in full each month?
2:16 How seniors can protect their income and bank accounts from creditors
2:26 2/3 of Americans are worried about finances due to COVID-19
2:48 How seniors' finances are affected by COVID-19

Our 2020 Senior Consumer Debt Report showed that about eight in ten seniors have some form of #debt, whether that’s a mortgage, credit card balance, medical debt, auto loan, or something else. At 52 percent, credit card debt topped these four categories.
That’s similar to the 55 percent of all U.S. credit-card holders who carry debt. About 17 percent of Americans have past-due medical bills, while 13 percent of seniors surveyed said the same.
One reason that medical debt could be lower among seniors is that most Americans 65 and up are on Medicare, which helps lower their medical costs.
The study revealed that older adults are considerably less likely to have mortgages and auto loans. We didn’t just ask how many people were in debt, but in HOW MUCH debt.
If you’re a senior with high credit card or medical debts, your income and bank account could be protected from creditors. Visit https://www.youtube.com/watch?v=FDlyud-vG90 .
All the social distancing and masks in the world can’t protect your finances from COVID-19. In a survey, nearly two-thirds of Americans said they are concerned about their own finances because of the expanding economic fallout of the coronavirus pandemic, with joblessness being a primary issue.

Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.

To learn how seniors could avoid paying off old debt, watch https://www.youtube.com/watch?v=FDlyud-vG90

To learn how seniors could avoid coronavirus scams, watch
https://www.youtube.com/watch?v=2RQ7wNUz288

To learn more about seniors' finances and coronavirus, watch
https://www.youtube.com/watch?v=P5VmalGWtrc

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Like to save money? Please watch: "The Best Senior Citizen Discounts"
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Видео 2020 Senior Debt Survey канала SeniorLiving.Org