Retirement often turns out to be more expensive than planned. As a result, retirees turn to credit cards to make ends meet.
Surprisingly, many seniors are also burdened by student loan debt. Over the last few years, Americans in the age range between 60-69 saw student loan debt increase by 71.5%. Some took out student loans later in life in order to get advanced degrees, but many took on debt to help put their children through school.