More Retirees Facing Mounting Bills

Senior Citizens

Retirement used to be a time of relaxation and fewer bills. But more and more people over the age of 65 are struggling with mounting debt levels.

According to Federal Reserve Economic Data crunched by the Employee Benefit Research Institute, the average debt held by senior citizens ballooned to 50-thousand dollars in 2010. That’s up 83% since 2001.

Experts blame increases in housing-related debt and the number of senior citizens relying on credit cards for the rise.