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Seniors experiencing increase in overwhelming debt nationwide

The U.S. economy is heavily dependent upon consumer debt and would likely begin to malfunction if consumers only purchased products and services they truly needed. Many industries in Texas and elsewhere are based upon selling consumers incredibly expensive items that are supposed to bring about happiness. However, this has recently contributed to an increased amount of overwhelming debt among seniors.

The amount of seniors experiencing financial problems is a growing dilemma. The proportion of seniors filing bankruptcy has increased within the last few years. Individuals 55 years and older accounted for 25.3 percent of all personal bankruptcy petitions in 2011. This is a significant increase from 2006 when seniors accounted for 21.8 percent of bankruptcy filings of individuals.

Also, the total number of those particular bankruptcy filings increased by 134 percent during the same years. This accounted for an increase from less than 600,000 to 1.4 million individual bankruptcies. Over 350,000 seniors filed for bankruptcy in 2011. It remains to be seen what the statistics will be for 2012, which could provide clues into how well the economy's recovery is progressing.

Despite the growing number of seniors filing bankruptcy as a result of overwhelming debt, all is not lost. Those that file bankruptcy in Texas and elsewhere are actually moving toward relieving themselves of many of their debt burdens. Depending upon the type of bankruptcy and the type of debts, petitioners will either be able to discharge or reorganize debts into more manageable payments. This will allow individuals to move on to the next chapter of their lives as they rebuild their finances.

Source: The Street, "Shocking Rise In Problem Credit Card Debt Among Seniors," Dec. 12, 2012

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