American Seniors Rack Up Debt Like Never Before USA Today (04/24/02) Vol. 36, No. 16 p.B11; Dugas, Christine
Older U.S. citizens are moving away from saving and are beginning to accumulate debt, a trend that could threaten their retirement plans. Older citizens' debts tend to be due to crises rather than casual overspending, because medical costs are a larger problem for this group. Seniors living on fixed incomes can find it hard to deal with sudden expenses, and they do not always know their rights.