By Mike McCune
Everyone knows growing older isn't all it is cracked up to be. But, for the first time, aging Americans are facing a debt problem.Back in the 1960s when universal credit cards were first introduced, the Greatest Generation largely shunned the offer--memories of the harsh reality of the Great Depression were too firmly entrenched. The Greatest Generation gradually accepted the cards as a way to ease their movement without the encumbrance of cash but they usually made sure to repay the bill immediately.
particularly since the Fed seems intent on raising interest rates.The Federal Reserve Bank of New York reported yesterday that the average American household increased its debt load by 1.8% in the fourth quarter. Compared to an economy that registered only 1.6% gain over the previous year, this means the typical household lost ground in the financial fight for their future during the Christmas season. The horrendous news was that the average household in America now owns a personal chunk of the $12.58 trillion individual debt.