Bankruptcies among seniors climb
From 1991 to 2007, the rate of personalbankruptcy filings among those ages 65 or older jumped by 150%,according to AARP, which will release the new research from theConsumer Bankruptcy Project. The most startling rise occurred amongthose ages 75 to 84, whose rate soared 433%. The study did not address the specific reasonsbehind the trend. But experts say medical bills have played a majorrole in the debt that has forced many elderly Americans into bankruptcyproceedings. Health care is a big issue for the elderly,”says George Gaberlavage, director of consumer and state affairs at theAARP Public Policy Institute. “And out-of-pocket expenses have beengoing up.”
Here’s the full article: http://assets.aarp.org/rgcenter/consume/2008_11_debt.pdf
Note: the website of the Consumer Bankruptcy Project is password protected. What’s up with that?
Follow up: I learned from Prof. Robert Lawless (Univ. of Ill.) that the CBP doesn’t really have a website per se–the password protected area login isn’t supposed to show up online at all. The site is only for researchers who are authorized to enter and presumably access date. Thank you Prof. Lawless for the information.