As a recent post on LendingTree points out, while the retirement stage of life is something most Americans plan for, many just aren’t financially prepared. In fact, one common obstacle to a sound retirement is simply debt. To that end, LendingTree calculated the median non-mortgage debt balances for retirement-aged people in the 50 largest U.S. metros, and then calculated the average distribution of that debt. Among their findings were that the average of median debt for retirement-age borrowers was $20,643 and the average credit score was 701. Indeed…
“Debt is even more burdensome when it’s carried over into retirement. Paying for the usual ongoing expenses on a fixed income can be a stretch, and adding debt payments on top of that can push retirees’ budgets to the breaking point.”
Click here to read the full story at LendingTree.com