Increase in debt for older Americans

Daniel Gutierrez

Increase in debt for older Americans

CREATED Feb. 21, 2013

A new study find older Americans are deeper in debt than previous generations.

The nonpartisan Employee Benefit Research Institute says it found that with families headed by people 75 years or older, the average debt level increased from more than $13,000 in 2007, to more than $27,000 in 2010. 

The families found to have the highest levels of debt were those families headed by someone 55 to 64 years old. The average debt level for that group in 2010 was more than $107,000.