If you’re a New York senior citizen thinking about bankruptcy because of credit card debt, you’re likely not alone.
Not only have senior citizen bankruptcy filings risen substantially from last year. But the primary cause of those filings appears to be credit card debt, not medical debt, according to research by Law Professor John Pottow of the University of Michigan. Typically, senior citizens have approximately $24,000 of credit card debt when they file. By contrast, the young whippersnapper demographic typically has around $12,000 of credit card debt. And unsurprisingly, it’s the credit card fees and interest that are cited as problems that lead to the bankruptcy filing.
Why do seniors have more credit card debt? There’s no research-based answer to the question yet. But some theories include:
- Lack of access to other forms of credit
- Lack of sophistication regarding use of credit cards
- Less likely to try and negotiate with credit card companies
- Fear of discussing the problem with family members and others
- Reliance on fixed incomes which makes it hard to deal with ballooning fees and interest rates
Regardless of the reason, the increase in senior citizen bankruptcy filings is a real phenomenon. And particularly noteworthy is that filings by people 75 and older jumped by 566.7%!
If you’re facing mounting credit card and other debts, regardless of your age the bankruptcy process is available to help you deal with your problems in a reasonable and appropriate way. And an experienced New York bankruptcy attorney will help make the process go as smoothly as possible so you can get past worrying about your debts and get back to worrying about your children and grandchildren.
Contact Bruce Weiner, Esq.
EMAIL Bruce Weiner
Phone
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966
Go to fair debt collection practices act to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.
