Debt Statistics On Older Americans

Numerous problems contribute to the staggering debt million of older Americans experience. Debt statistics pinpoint unexpected loss of employment in old age, helping out children financially, and paying for expensive health care as some of the main reasons why many suffer from crippling debt. The issue gets even more depressing once you consider that the elderly don't have much time to get out of debt, much less live a comfortable retirement, says Connecticut bankruptcy attorney Matthew Beatman.

Older citizens usually represented a relatively small percentage of overall bankruptcy filings, but according to the Consumer Bankruptcy Project, their numbers are increasing much faster than younger Americans who file for bankruptcy. In 2009, almost 17% of all borrowers ranged from the ages of 55 to 64, which is almost 3 percentage points higher than 14.3% two years earlier. This information was found from a report on debtors who've undergone credit counseling as stated by the 2005 bankruptcy law amendment.

Leslie Linfield, Institute of Financial Literacy executive director, says that the contents of the report serve as a snapshot of today's economic crisis and its effects on the elderly, as well as those about to retire. The 2009 report contains the causes of financial distress among those who file for bankruptcy, one of the causes being retirement (among 6.7% of all respondents).

Bankruptcy is still considered by many Americans to be somewhat of a taboo. Because of this mindset, many go to great lengths to avoid filing for bankruptcy, even if it means mishandling their finances, reprioritizing their already meager budgets, and accumulating even more debt. Many of these "solutions" often cause the debtor to ultimately end up in bankruptcy court.

Older Americans should be sitting back and enjoying their retirement years. Instead, they are faced with accumulated debt, which many often see as a reflection of themselves instead of the numerous external factors which caused the problem: credit card debt, providing financial assistance to family members, and paying for healthcare expenses are just some of the contributors.

About the Author:
Carina Smith is an author that specializes in financial topics concerning seniors. Puritan Financial Group specializes in helping retirees make money for retirement and avoid filing for bankruptcy. For more information about how Puritan Financial Group can help you, please visit our website at http://www.puritanlife.com

Article Originally Published On: http://www.articlesnatch.com

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