”Buy now, pay later” is a phrase many Baby Boomers like. But are you going to like it when you’re a senior? I’m not so sure.

According to a new study by the Employee Benefits Research Institute, the average inflation-adjusted debt level among elderly Americans has risen 77 percent since 1992.

A lot of that debt is mortgage debt. Which is okay if you’ve got the bucks. But for seniors who earn just $32,000 per year, their debt is up 121 percent. That makes for some fancy footwork when the bills come in each month.

If you’re using more than 40 percent of your take-home pay to pay off your debts each month, you’ve got a problem. And if those debts won’t go away by the time you plan to retire, you’ve got an even bigger problem.

Try to get yourself on a debt reduction plan now, so you don’t have to go looking for a job when you’re 75.

With practical, informative consumer advice, I’m Ilyce Glink, News-Talk 750 WSB