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Unlike debt-averse elders of previous generations, people over 50 today are racking up big bills, taking on far more debt than they can handle. Experts blame the financial problems of older Americans on an array of factors, among them: job loss, medical expenses, death of a spouse, divorce, financial support for children or grandchildren and less retirement income.

Use AARP Bulletin Online's new debt reduction calculator to discover how long it will take for you to become debt free via monthly payments that work for your budget.