The percentage of American families with heads age 55 or older with debt reached a startling 61 percent in 2004, almost 5 percentage points higher than in 2001, according to the Employee Benefit Research Institute. And families with head age 75 or older with debt increased dramatically to 40 percent in 2004, up from 29 percent in 2001.  Housing debt is a contributing factor for seniors.  Families with a head age 55 or older with housing debt have increased steadily, from 24 percent in 1992 to 36 percent in 2004.

 

Al Caicedo, CSA Asset Preservation Consultant Macomb County Money Expert CKS Summit Group, Inc. 37040 Garfield, Suite C-3 Clinton Township, MI 48036 Phone: 586-286-5820 Fax: 586-286-5827 E-mail: cks@summitgp.com Web: www.summitgp.com