Older and Deeper in Debt…

January 2007
Journal of Financial Planning;Jan2007, Vol. 20 Issue 1, p12
Academic Journal
The article discusses statistics about family debt from the Employee Benefit Research Institute. The institute found that 10.3 percent of household income was devoted to total debt payments among families in 2004 with a head of household that was age 55 or older, compared with 9.2 percent in 1992. In addition, 7.3 percent of households had debt payments totaling more than 40 percent of household income, and 36 percent of households had housing debt, compared with 24 percent of households in 1992.


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