Summary

The share of older People with debt has been on the rise in latest many years, elevating issues about their monetary safety in retirement.  Nevertheless, having debt doesn’t all the time sign monetary fragility, so understanding the distinctions in family debt is essential to figuring out the implications of this development.  Utilizing information from the Survey of Shopper Funds and Well being and Retirement Research, this research identifies which older debtors are at excessive threat and low threat of monetary hardship, determines whether or not the expansion in borrowing is pushed by high- or low-risk households, and identifies various kinds of high-risk households.  The outcomes counsel that greater than half of older debtors are at excessive threat, and this group is driving the expansion in debt holding.  4 subgroups of high-risk debtors stand out, every with completely different traits.  Thus, no one-size-fits-all resolution exists, so recognizing the varied traits of high-risk debtors is crucial to creating efficient insurance policies to assist them.