Causes Of Senior Debt And Bankruptcy-face gossip

UnCategorized More than 60 percent of all American seniors who have declared bankruptcy point to credit card debt as the reason. One possible reason behind this is the early exposure to so-called easy credit, resulting in 50 percent more debt for older filers. In 2007, $22,562 was the average credit card debt for older Americans, while younger people who filed for bankruptcy had around $13,615 in debt. Despite the blame that older filers place on credit cards for their staggering debt, the fact is that credit card debt stems from other reasons. One main cause of credit card debts is the borrower’s attempt to make up for lost revenue to be able to cover basic living expenses. Brian Gogg, GreenPath Debt Solution credit counselor, says that it is difficult for older Americans to cope with job loss that results in in.e loss, especially if they have been working for the same employer for two to three decades. Gogg says that these people find it hard to adjust to changes, such as the need to be more familiar with .puter technology, which in turn makes it more difficult to get another job. Seniors who depend mainly on Social Security for retirement are finding the payouts inadequate as well, with no increase in benefits for this year and next year. This is another factor that leads retirees towards bankruptcy. Aside from inadequate finances leading people towards credit card debt, which then leads to bankruptcy, there are other major reasons for accumulated senior debt. Among these is the financial assistance many seniors give their children and grandchildren, which may cover needs such as education, car insurance, rent and so on. Since members of the 55-and-up age bracket have always helped out the younger age group in financially difficult times, the tendency of the elderly towards bankruptcy has increased significantly. About the Author: 相关的主题文章: