Boomers and Gen X Are Using Credit Cards to Pay for Basic Living Expenses — and Building Debt at ‘Concerning’ Rates

More than half (52%) of adults ages 50-64 have credit card debt, and many are using credit cards to pay for basic living expenses, according to a new AARP survey.

The report, which examined how retirement security is being threatened by the high cost of living, found that nearly half (47%) of respondents have recently used credit cards to pay for things like food, housing, utilities, and health care, with 17% saying they do every month.

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“A concerning number of older adults carry credit card debt today just to make ends meet,” said Indira Venkat, AARP senior vice president of research. “Credit card debt can jeopardize retirement security.”

The survey asked 4,846 adults aged 50-plus who carried over credit card debt from a previous month about their expenses. More than one-third of respondents (37%) said they have more credit card debt now than a year ago. A whopping 28% of respondents said they carry a balance of $10,000 or more.

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Meanwhile, older adults who are most likely to carry a monthly balance had incomes under $40,000.

“For many retirees, who often live on a fixed income, it’s a real challenge to pay down debt without significant trade-offs,” Venkat said.

Fifty percent of respondents said healthcare expenses have contributed to their credit card debt.

Unfortunately, the trend of rising debt for seniors doesn’t appear to be subsiding. A different poll in November 2024 by the Employee Benefit Research Institute found that around 68% of retirees had outstanding credit card debt in 2024, up “substantially” from 40% in 2022.

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