People Over 50 Carrying More Debt Than in the Past
Older Americans are burdened with unprecedented debt loads as more and more baby boomers enter what are meant to be their retirement years owing far more on their houses, cars and even college loans than previous generations.
The average 65-year-old borrower has 47% more mortgage debt and 29% more auto debt than 65-year-olds had in 2003, after adjusting for inflation, according to data from the Federal Reserve Bank of New York released Friday.
Each generation is getting poorer, less healthy, and going more into debt. How can such indications when taken together tell us that everything is OK and things will get better soon? Based on what data are such misguided notions built on? We have to wonder when people to realized the depth of our socio-economic problems. However, unless we address the root causes of the problems and the problem-makers then we cannot hope to ever effectively start to deal with viable and sustainable community based solutions.