LIVELINES: BANKRUPTCY QUESTIONS
As young people facing mountains of college debt continue their occupy protests around the country and look at their options when it comes to bankruptcy, another trend is taking place, older people filing bankruptcy more often these days.
Bankruptcy Attorney Carol Carter was our guest this morning. Carol says credit cards are the main culprit.
We also looked at some other contributing factors to this growing trend.
-Older people have more debt than younger individuals. People over the age of 65 carry a median debt of $11,714 more than younger people. Young people often have a much higher income than retirees, so they are able to maintain lower debt levels.
-Fewer older people tried to negotiate with creditors. Only 37.8 percent of older people try to negotiate with creditors before filing bankruptcy compared to 60 percent of younger individuals.
-Seniors hesitate to ask for help