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- Other debt includes 19.3% from personal loans and 8% from student loans.
The challenge of paying off a student loan in one's late 60s is particularly alarming, especially for those who took on educational debt seeking to enhance their career during the pandemic.
Geographic Disparities in Debt
The findings also highlight geographic disparities. Among the ten metropolitan areas with the highest median retirement age non-mortgage debt, states like Texas and Florida dominate. For instance, San Antonio leads with a median debt of $18,000, while Portland, Oregon, reports a significantly lower median debt of $6,782.
The Economic Factors at Play
Analysts suggest that three primary factors contribute to the rising debt levels among older Americans: