Baby Boomers & the Silent Generation: Wisdom Meets Caution
For many Baby Boomers, credit card debt isn’t new — but it’s not what it used to be either.
Some are using cards strategically for points and rewards. Others, however, are finding themselves relying on them more after retirement, when fixed incomes can’t keep up with costs.
Still, the Silent Generation (80+) is the most debt-averse group of all. They’ve lived through recessions, wars, and market crashes — and many simply avoid high-interest debt altogether. They focus on saving and using cash, not credit.
Smart move for Boomers:
If you’re on a fixed income, be cautious with any new debt. Try to keep one low-interest card for emergencies, and focus on paying off balances before interest compounds. For retirees, keeping financial flexibility is worth far more than chasing travel rewards.
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