The number of older Americans filing for consumer bankruptcy has never been higher. According to a study by the Consumer Bankruptcy Project, that rate at which Americans 65 and over file for bankruptcy has more than doubled, and there’s been a five-fold increase in the percentage of older adults in the bankruptcy system.
“For an increasing number of older Americans, their golden years are fraught with economic risks, the result of which is often bankruptcy,” according to the report’s authors.
Individuals 65 and over reported filing for bankruptcy because of credit card interest rates and fees, medical problems, a decline in income, and aggressive debt collection practices. Nearly seven out of ten respondents “very much” or “somewhat” agreed that financial struggles, namely a decline in income, was the reason for their bankruptcies, and senior citizens are increasingly exposed to these kinds of risks.
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