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Average debt for households headed by someone 55 or older doubled between 2000 and 2008

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NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-30-10 10:07 AM
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Average debt for households headed by someone 55 or older doubled between 2000 and 2008
http://www.creditnet.com/credit-news/credit-card-debt-k...

Monday, October 25, 2010

<snip>The report said that the average debt for households headed by someone 55 or older doubled between 2000 and 2008, to nearly $66,000. As a result, bankruptcy filings for that age group have skyrocketed. From 1991 to 2007, cases for those 65 and older have risen 150 percent, while those between 75 and 84 have seen theirs rise 433 percent.

Seniors may also face additional financial hardships due to the rising cost of medical coverage and prescription drugs.

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