More Senior Citizens Filing for Bankruptcy
An alarming shift in spending pattern is going on among senior citizens. They are using more credit cards. There was a time when senior citizens were the least likely to spend using credit cards simply because they are not used to it and due to their natural aversion to the use of credit. But times have changed. Credit card companies have intensified their efforts to market their products to senior citizens and these cards were looked upon as a way of making the buying process simpler in an increasingly complex commercial environment.
As a result, the amount of credit card debt among the senior citizens on average exceeds that of the younger generation. The American Bankruptcy Institute reports that a major part of the 1.4 million bankruptcy filings for individuals in 2009 was made by senior citizens.
Nowadays with the prices of things going up, everyone, in particular senior citizens, is finding it more and more difficult to live on a fixed income. And your savings, for the most part, may not be enough for you to rely on, either. Many senior citizens who had saved for their retirement in the form of stocks and shares or savings accounts found their savings severely depleted by the current recession and stock market crash. As a result, many senior citizens simply cannot afford to retire and resort to working even beyond their retirement age. This is especially so for those with credit card debts they cannot repay.
As such, the over 65 age group seeking bankruptcy protection continues to grow. In fact, according to recent studies the people that need to file for bankruptcy the most are those between 75 and 84.
Perhaps you are one of the senior citizens who are struggling with credit card or other forms of debt. Please do not to put your health at risk by working another job just to make ends meet. You will never be able to clear your debts that way. There is a better way to get out of your debt problems. It is a path that many senior citizens have already taken – filing for bankruptcy.
Do not be ashamed of filing for bankruptcy. It is your right under the law. If you think filing for bankruptcy is a complicated and daunting task, you are right. But that is precisely where I come in. My name is Darrin Mish and I am a bankruptcy attorney and it is my job to alleviate your financial burdens through the process of bankruptcy. I will make this complicated process simple for you. Please call me at (813) 200 4133 for a free consultation.