Tim Mullaney reports that according to new census data, more Americans are debt free, but for those with debt, their total indebtedness has increased 40%! Unfortunately, the biggest increase is among seniors.
The percentage of U.S. households carrying any debt dropped to 69% in 2011 from 74% in 2000, the government reported. But the median debt load rose to $70,000, from an inflation-adjusted $50,971.
The article speculates that good portion of the increased debt by seniors may have been taken on to assist their adult children with their own financial struggles following the economic downturn that began in 2007.
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