COSTA MESA, Calif.—Consumers in their 50s have the highest levels of credit card debt, according to a 2020 study of credit card debt statistics.
The total credit card debt among this group of people rapidly approaching retirement is $213.2 billion, The Motley Fool Reported, citing Experian data.
“For comparison's sake, for folks in their 40s, that figure is $196.6 billion, and it's $151.4 billion for those in their 30s,” the Motley Fool said.
As for people at retirement age—consumers in their 60s—they have a total of $163 billion.
“This is particularly alarming, considering that plenty of people between the ages of 50 and 59 are only a decade, or even less, away from retirement age. Credit card debt is one of the most expensive forms of debt and can easily eat away at retirement savings and completely derail retirement plans,” The Motley Fool noted.