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Big Increase in Numbers of Bankrupt Seniors
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This blog post: https://retiredguyusa.com/bankrupt-seniors-surge-filings-increase/
The number of bankrupt seniors increased dramatically over the last quarter century. A study found 3.6 bankruptcy filings per thousand people 65 to 74. By comparison, only 1.2 per thousand filed in 1991. Rates also increased greatly for those 55 to 64 and even more for those older than 75. Finally, the percentage of bankrupt seniors as a proportion of all filers increased.
Causes include medical debt, assisting family, credit card and mortgage debt, the vanishing 'safety net', and failure to control spending.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3226574
Consumer Bankruptcy Project above link
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I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals.
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/
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