Elderly Americans are carrying more credit card debt, according to a new survey.
The survey reports the main reason is due to job loss and medical bills, not because of a lack of financial responsibility.
The study looked at 997 middle-income households that were carrying credit card debt for at least three months. Of the respondents, households age 50 and older had an average credit card balance of $8,278 compared to an average debt of $6,258 for households under age 50.
The aftermath of Hurricane Sandy raises tough questions about the strength of New York City’s infrastructure, and the stability of its waterfront. Governor Cuomo’s commission on storm prevention recently issued recommendations for future damage control, which include sea barriers along the coast, floodwalls in subways, and water pumps in airports.
Older Americans rely on credit cards as their financial safety net and pay down less of their debt than younger consumers, a new study shows.
Last year, the low- and middle-income 50-plus population had an average credit card balance of $8,278, compared with the younger generation's balance of $6,258, according to research conducted by Demos, a liberal public policy organization on behalf of AARP.
Tonight on NBC Nightly News, Chris Jansing reports on a new study that shows Americans age 50 and older are carrying an average of $8278 in credit card debt, thousands more than younger people. In addition, nearly 18 percent of those nearing retirement said they are using their retirement funds to pay down credit card debt.
AARP announced a major policy and research initiative Tuesday drawing attention to the economic decline of the American middle class. In the run-up to what will surely be a bruising Congressional battle over Medicare, Medicaid, Social Security, and other federal benefit programs, the powerful seniors' group said it would push for strengthened supports for all generations.
The head of AARP warned Tuesday that cost-of-living adjustments in Social Security would jeopardize the retirement security of many seniors.
A. Barry Rand, in a speech at the National Press Club, laid out his group's agenda as Washington heads into another showdown over the debt ceiling.
Rand repeated AARP's opposition to moving to the so-called chained consumer price index (CPI), calling it "one of the worst" ways to reduce spending in Social Security.
AARP CEO A. Barry Rand called for renewed focus on strengthening Social Security, Medicare and Medicaid in a speech today at the National Press Club. Rand discussed findings from AARP Public Policy Institute's newly released "Middle Class Security Project," which studies how middle class working Americans struggle - and often fail - to build and maintain retirement security.
Adrift on a sea of red ink, more middle class Americans are feeling queasy about their retirement plans. And many of those struggling to save have very little time to right the ship.
This is not a good idea. The New York Times is shutting down its environment desk. The justification for closing the desk is that the environmental beat is no longer siloed.
In his State of the State yesterday, New York Governor Andrew Cuomo laid out his plan to make the state a clean tech leader. Cuomo proposed extending a program to increase solar panel installations for homes and businesses and investing in an electric car network with statewide charging stations and incentives to build charging infrastructure.
Back in the spring, we pointed out that the previous 12 months from May 2011 - April 2012 was the hottest on record. Then, in July, we highlighted how over 3,000 temperature records had been broken within the first 10 days of the month.
Given his long record of climate advocacy, John Kerry’s nomination for Secretary of State is a sign that climate change may receive more attention in the second Obama Administration. In addition to co-sponsoring a cap-and-trade bill in the Senate, Kerry made it a point in his presidential campaign to deride the Bush Administration’s lack of belief in climate change.
Last week, I wrote about how strong majorities of Americans not only believe the climate is changing but also that human activity is causing it. Congressional inaction, therefore, ignores the priorities and concerns of the majority. However, while the oil and gas lobby does heavily influence Congress’ actions, is its inaction also a result of the lack of climate change policy as a priority for most Americans?
A new poll finds that nearly 80 percent of Americans think global warming is occurring and will be a significant problem if nothing is done to address it. Among those surveyed, the AP-GfK poll found that over 60 percent of people who trust scientists a little or not at all said that temperatures were increasing -- a 14 point jump from 2009. The poll also found that large majorities across the political spectrum believe that the planet is warming.
Eric Scheiderman is leading a seven state coalition to bring suit against the EPA for failing to address methane emissions from the oil and gas industry -- a violation of the Clean Air Act.
The latest UN climate talks came to an end this past weekend with little to show for it. As Kate Sheppard writes at Mother Jones, Doha “failed to meet even the low expectations that had been set for the negotiations.” One of the main pieces to come out was an agreement to extend the Kyoto Protocol, the only binding treaty on greenhouse gases, for eight years.
As deficit talks continue to make little progress, we should revisit how a carbon tax would not only help raise badly needed revenue but could also be essential to fighting the climate crisis. A recent Congressional Research Service report found that a tax of $20 per metric ton of carbon dioxide would generate enough revenue to cut the 10-year budget deficit in half.
Only a few days into the Doha climate negotiations and the prospects for meaningful action seem dim. Russia, Japan, New Zealand, and Canada have already expressed their resistance to extending the Kyoto Protocol, the only legally binding agreement to reduce greenhouse gas emissions. Without an extension, Kyoto will expire at the end of this year.
Hurricane Sandy is the most recent storm to have shed light on the dangers of development in waterfront areas along the Eastern seaboard, but communities from Colorado to Missouri to South Dakota have also grappled for years with the growing risk of environmental damage from everything from rising rivers to forest fires -- dangers that are growing more acute thanks to climate change.
No doubt the new International Energy Agency (IEA)'s latest World Energy Outlook will be cause for celebration for the fossil fuel industry. In it, IEA points to the strong oil and gas production in the U.S. and predicts that by within a decade or so, the U.S. will become the world's largest oil producer, surpassing Saudi Arabia and Russia. By 2030, North America could be a net oil exporter and, around the same time, the U.S. will likely be energy independent.