The CFPB Reports Mortgage Debt Key Factor in Increasing Levels of Debt Among Older Americans

The Consumer Financial Protection Bureau has been tracking the increasing levels of debt among older Americans. They found that older homeowners are now carrying more mortgage debt than ever before. For many of the roughly 4.4 million retired homeowners with mortgages, making monthly mortgage payments on a fixed income on top of other monthly expenses is a hardship. They also found...

 

  • In general, older consumers carry more debt, including mortgage, credit card, and even student loan debt, into their retirement years than in previous decades.
  • Mortgage debt, the largest debt that older consumers carry, is the key driver of this trend. Today, compared to a decade ago, fewer older homeowners own their home outright.
  • Today, fewer older homeowners own their homes free and clear. The share of homeowners with a mortgage increased from 22 to 30 percent between 2001 and 2011. 
  • The total median value of the mortgage debt also increased from approximately $43,400 to $79,000. 

America Saves believes that, with the proper preparation, homeownership can still help individuals build wealth. We have a number of resources to help you save successfully for a home:

If you do find that you have too much debt and are having trouble paying bills visit our Debt section to learn how to get out of debt and where to get help.

If you are saving for a home or want to pay down your debt don’t forget to take the America Saves Pledge and choose to receive emails and/or text messages to help you save.

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Written by Katie Bryan | November 25, 2013

    Tip to #save when shopping: You can #save more than 10% by comparing prices at different stores.

Saver Stories View all »

Jump-Starting a Financial Makeover

Written by Katie Bryan | October 28, 2013

Nichelle Johnson, a single mom with two teenage children, knows what it’s like to stretch a dollar. When she moved back to Virginia Beach in 2008, she provided for her family with just a part-time library position.

Read more...

Taking Steps Toward Financial Fitness

Written by Tammy G. Bruzon | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

Read more...

Saving Early: Key to Successful Future

Written by Katie Bryan | October 28, 2013

For Johnnie Lovett, a Young Illinois Saver, saving has been a habit since he was a teenager. “As a teenager, I was responsible for buying certain things with my allowance,”

Read more...

Receive Updates

Sign up for Texts

Written by Tammy G. Bruzon | July 15, 2014

Sign Up

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving