Experian has just released a new study that takes a look at debt and credit for senior citizens (considered as people 60 years or older for this analysis) in the United States.
Their findings show that:
Senior citizens in Hawai‘i rank 3rd for highest debt – at $130,250.
Across the U.S., senior citizens have an average FICO Score of 745 – 44 points higher than the national average of 701, according to Experian data from the fourth quarter of 2018.
Senior citizens (considered as people 60 years or older for this analysis) also carry an average of $70,633 in total debt, though seniors in some states carried almost double that amount.
Senior citizens in the District of Columbia have the highest average total debt – at $132,366.
Using the national average of $93,446 in total debt as a comparison, it’s clear that as consumers grow older, their total average debt shrinks. When looking across the age spectrum, total average balances continued to grow until age 44, at which point amounts stabilize for a few years before reversing and beginning to decrease.
When it comes to credit scores, senior citizens hold some of the country’s top scores. Of all consumers over age 60, 80-year-olds have the highest credit scores, with an average FICO Score of 758.
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To find out more about where senior citizens hold the most debt, Experian reviewed consumer credit data from the fourth quarter of 2018 to identify states where senior citizens had the highest balances.
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