Debt is something that most Americans and Texans contend with in some form. For example, very few people can buy a new vehicle, let alone a home, these days without taking out a loan. Credit cards are mainstays for most consumers anymore, but their use can spiral out of control all too easily, especially when people experience situations that leave the with unexpected costs, such as a medical condition.
While many may think that a person in their 50s, 60s or beyond should always be financially stable and able to withstand these events, that is not true. In fact, Business Insider reported on a new study by the Consumer Bankruptcy Project that indicates today’s seniors are struggling with unmanageable debt more than ever before. Since 1991, the rate of bankruptcy filings among people aged 65 or older has increased by 300%. This reality is not because baby boomers are poor money managers, it is more a reflection on the realities of their world.
Today’s seniors have had to balance the need to take care of aging parents and children at the same time, with some even providing financial assistance to their grandchildren as well. Skyrocketing health care costs not covered by insurance along with the move away from the more stable pensions to less stable 401K accounts hit seniors hard.
If you would like to learn more about how you may be able to effectively address your debt relief needs while balancing your desire to retire and maintain your lifestyle, please feel free to visit the baby boomer’s debt relief page of our Texas consumer bankruptcy website.