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Those problems include using credit cards to pay for everyday budget items.
Almost one-fifth (17%) needed credit cards to cover basic expenses every month over the last year.
Here aremore details on credit card debt in Americaand how its affecting older Americans specifically.
Credit Card Debt Is Rising
Higher credit card debt is not restricted to older Americans.
That marked an increase from the third quarter, which saw $1.166 in credit card debt.
Additionally, for cards accruing interest, the average interest rate is 22.8%, per LendingTree.
A high interest rate like that can make it even harder to get ahead of debt.
How Does Credit Card Debt Affect Older Americans?
Medical expenses, like dental care, prescriptions and vision care, were another factor.
Credit card debt can jeopardize retirement security.
Doing so could help them get a better interest rate, which will make paying down the debt easier.
Older adults can also consider a debt management plan or credit counseling.
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