Most seniors probably don’t consider building and maintaining credit to be a top financial issue. After all, the home and car are paid off and everything else is contained within a careful budget, right?
Not exactly. While that might have been the norm for many retirees in the past, it is changing with this generation of seniors.
In real terms, debt in the hands of Americans ages 50 to 80 increased by 59 percent between 2003 and 2015, according to a report published by the Federal Reserve Bank of New York. During this period, per capita debt at age 65 grew by 48 percent, with big increases in mortgage, auto loan and student loan debt.
Since borrowing is a more common part of the financial picture for older Americans, keeping a good credit score also needs to be a focus. Even for seniors whose finances are on a very even keel, it’s worth observing a few golden rules for maintaining good credit in the golden years.