10 Careless Ways Retirees Waste Their Savings

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9. Accumulating Credit Card Debt

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According to the Federal Reserve Bank of New York, the credit card balances of Americans reached $1.08 trillion in Q3, 2023. Adults aged 60 and over were found to hold 29% of that total. Retirees should realize that the average cost of debt is very high, and accumulating debt can prove to be dangerous for their retirement savings. The burden of debt also restricts retirees to enjoy a comfortable and debt-free lifestyle.

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