A new study of Baby Boomers' median debt balances in the 100 biggest U.S. cities finds that it's bigger in Texas. Houston Boomers had the highest median balance in the study, $31,626.
LendingTree's study found that the next highest balances for Boomers were $30,767 in Little Rock, Ark., and $30,000 in San Antonio. These borrowers' have a median balance of more than $25,000 in non-mortgage debts--the greatest shares were for credit card (34.9 percent) and auto loan debts (38.5 percent), MarketWatch reports.
Having debt in retirement is not uncommon: 70 percent of U.S. households headed by people 65 to 74 had debt in 2016, including auto loans, credit card balances and mortgages, according to the Federal Reserve’s Survey of Consumer Finances. Half of households headed by those 75 and older had debt as well.
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