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World News and Trends: Huge bankruptcy rise among seniors

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World News and Trends

Huge bankruptcy rise among seniors

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From 1991 to 2007, the rate of personal bankruptcy among those ages 65 or older jumped by 150%, according to AARP [the American Association of Retired Persons]. The most startling rise occurred among those ages 75 to 84, whose rates soared 433%" (USA Today, June 18, 2008). Medical bills are a huge factor. Experts believe that health care is the biggest factor in increasing bankruptcies among elderly Americans. A major health problem in old age can wipe out a person's savings and put one deeply in debt.

Many senior citizens, instead of entering retirement in good financial shape, are loaded with debt. Social security payments often are simply not high enough to meet rising costs of food, medicine and housing.

It's never too late to begin to get your personal finances back on track. If you do your part, according to the financial principles laid down in the Bible, God will help! He has resources at His fingertips that we cannot even imagine. (To see how, request our free booklet Making Life Work.) (Source: USA Today.)