According to recent studies and data, more senior citizens are facing overwhelming debt today, according to The Fiscal Times.
Adults aged 65 and above were found out to be filing for bankruptcy at a higher rate than any other age group, in addition to being found to have 50 percent more debt in their credit cards compared to younger age groups. Additionally, it’s been shown that people aged 75 and above who have credit card debt has doubled from 1998 to 2010.
Aside from credit card debt, last year’s data from the Federal Reserve Bank of New York showed 2.2 million people aged 60 and above have student loan debt.
As stated by The Fiscal Times, senior citizens tend to have more debt due to expensive medical bills and decreased savings.
Having too much debt can be frightening, especially when your resources are limited. Fortunately, lawyer Ryan J. Really, Attorney at Law, PLLC, may be able to help you if you live in Florida and are facing financial problems. Call (239) 237-0675 to discuss your situation with him today.