Tales Of the Great Recession – Senior Citizens Filing for Bankruptcy Rises
Source: Rebel Traders
In yet another sign of the ‘real’ economy we learn that those over 65 years of age are becoming the fastest growing demographic of people filing for bankruptcy.
For more and more seniors, retirement doesn’t mean a debt-free life of leisure. An increasing number of Americans aged 65 and older are declaring bankruptcy, according to a recent study by John Pottow, professor of law at the University of Michigan Law School.
Those aged 65 and older represented seven percent of bankruptcy filers in 2007, a mind-boggling jump from 1991. They are the “fastest-growing age demographic,” according to Pottow’s study.
What’s the culprit for so much debt? Credit cards. Two-thirds of Americans who filed for bankruptcy said credit cards were the key reason for their financial problems, according to Pottow’s research. Besides having more credit card debt compared with younger bankruptcy filers, 44.8 percent of those aged 65 and older also had more plastic in their wallets. “They’re using credit cards as a maladaptive coping mechanism,” Pottow says. [...] (Reuters)
Tales Of the Great Recession – Senior Citizens Filing for Bankruptcy Rises is a post from: Rebel Traders – Stock Market and Economic Analysis
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