What Age Group Has the Most Credit Card Debt?
News from Opposing Views:

by Van Thompson

Interest can cause credit card debt to double over time.

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Credit card debt has been increasing steadily, and the average credit card debt in 2012 hovered around $ 15,799, according to the U.S. Federal Reserve. But credit card debt is not distributed equally, and older Americans tend to have higher credit card debt than other groups. A number of factors play a role in this debt, including income and the total time a person has had to accrue debt.

Debt and Age

Americans over the age of 65, on average, owe the most in credit card debt. Policy research firm Demos puts the average debt for this age bracket at $ 9,283 in 2012. The 45 to 54 age group has the second-highest credit card debt, with an average of $ 8,408. The youngest Americans — those aged 18 to 24 — have the lowest debt at an average of $ 2,982.

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Rolling Card Debt Into Home Refinance
News from Fox Business:

Dear To Her Credit,

My husband and I have a huge credit card debt of $ 65,000. We also need to refinance our mortgage loans. Our first mortgage balance is $ 118,000 at 5.78%. Our payment is about $ 1,600 a month. We also have a second mortgage with a balance of $ 18,000 at 7.25%. The payment on that is $ 235 a month. Our total mortgage is $ 1,835 month. Should we refinance our mortgage and add in our credit debt, so we’re only making one payment each month? Or is there a better way? 

– Laurie

Dear Laurie,

If you bundled all your mortgage and credit card debt together and got a $ 201,000 30-year loan at this week’s average rate of 3.66%, your payment would be $ 921 — not including insurance and property taxes. That’s about half the amount you are paying on two mortgages right now, and it includes your current credit card debt.

Besides lowering your monthly payments, such a move would save you a bundle in interest. Right now, you are probably paying more interest on your credit cards than you are on your house! Before you run out and refinance, however, there are a few things you need to consider.

First, do you qualify to refinance your home at a competitive rate? Home values have dropped, as you know, and lenders are requiring borrowers to have more equity in their hom…………… continues on Fox Business

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