Veteran consumer debt expert Peter Francis Geraci of Geraci Law LLC, a regional consumer bankruptcy and injury law firm, says older clients are coming in with serious debt problems. “We are seeing 80 year old clients who haven’t paid off their mortgage or car”, he said. “It’s sad.” Often, family members get their elders into trouble with co-signing and helping their kids and grandkids.
Retirees are carrying more debt than in previous years. AARP most recent report shows more than 27% of individuals over the age of 65 are carrying credit card balances after their last payment.