An 80-year-old racked up $45,000 in credit card debt — here's why it's part of a larger trend for seniors

David Devaney always managed to keep up with his bills as best he could. But after a back injury and subsequent surgery in 2020 left him relearning how to walk, the 80-year-old struggled to pay off about $45,000 in credit card debt.

The high-interest debt was accumulated over the years, in keeping up with everyday expenses and helping out his children financially. Devaney ended up calling his creditors to help find a solution to help repay his debt on better terms.

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“I called my credit card holders and the banks and everything, and they wouldn’t talk to me,” Devaney told CNBC (1). “They just said, ‘Oh no, we can’t help you.’ I wasn’t in arrears or anything, and they couldn’t understand why I was calling.”

Devaney’s experience reflects a growing challenge for older Americans. Nearly 60% of retirees carry debt, according to 2023 data from the Federal Reserve’s Survey of Consumer Finances (2).

Tyler End, a certified financial planner and co-founder and CEO of Retirable (3), told Moneywise he’s seeing more retirees rely on credit cards to cover everyday expenses as rising costs continue to strain household budgets.