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Bankruptcy Rates Increase Among Older Consumers
Scientists and analysts do not stop studying the effects of recession on American economy and the life of people. In 2007 over a million of people made a filing for bankruptcy, according to the study of AARP's Public Policy Institute. Professors of the Harvard Law School used this study to make further analysis and found out the striking fact that the number of older people (of age 65 and above) who filed for bankruptcy has become twice as more since 1991.
You can find bankruptcy filers among people of any age, but the major part of them are consumers of 30 - 40 years old. As far as the older and the younger generations are concerned, one can suppose that the first file for bankruptcy more frequently than the latter. However, investigations show quite different figures!
There is an outstanding increase in bankruptcy filing among consumers aged above 55. Just compare: in 1991 they made up 8% of debtors, in 2007 the number increased to 22. 5% bankrupt customers.
Professor Warren of Harvard points out the fact that people aged 30s and 40s have become strikingly less active in bankruptcy filings. The percentage of middle-aged debtors decreased from 45% in the 90s to 26% last year. Professor Warren explains the drop in bankruptcy filing rate by the healthier finance management and healthier credit card usage. She also adds that there is a tendency among the American young and middle-aged people to take debt as a normal part of their life, keep it unpaid for a long time. As these people come closer to retirement, they find it harder to cope with the debt.
Speaking about the research results, Warren also underlined that the average age of a bankruptcy filer is 43 while 16 years ago it was 35 years. The situation with bankruptcies and bad credit among the older generation is aggravated by busting economy, insufficient preparedness for retirement and growing healthcare costs.
According to the representatives of AARP's Public Policy Institute, the results of the study are supposed to increase the concern for older Americans' financial security. The government and non-profit organizations should take measures to protect the older citizens being now one of the vulnerable groups in society.
It should be said, however, that something has already been done about it. It is common knowledge that a number of amendments to bankruptcy law has been taken and is going to be taken in future. On the whole, the percentage of filings curtailed since the year of 2005, but the recessional tendency in economics has put a tangible stress on older Americans.
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