Tapsearch Com EditorBankruptcy hits elderly
January 31st 2008 20:07
Bizarre Politics Reports:
U.S. elderly going bankrupt
Link: tapsearch.com/tapartnews
Cruel World Hits Home
Increasing number of older Americans over 55 are being overwhelmed by debt and are going bankrupt in record breaking numbers.
The American Bankruptcy Institute and the Institute for Financial Literacy reports based on the last 2006 summary, close to 23 percent of all declaring bankruptcy in the USA are 55 or older. This is up from less than 10 percent in 1994. So, it has happened during both the Clinton and Bush era.
( This comes at a time when Ralph Nader is mulling over running for President saying HIllary Clinton is the candidate of big business and Senator McCain is the candidate for perpetual war as debt is overtaking more and more Americans includling a breaking record for the elderly. -- stay tune for more -- electing Hillary as President is like putting a fox in charge of the chicken coop -- and all the major Republican candidates are Free Trader Globalists who have betrayed not only the American workers but workers everywhere . )
Workers are " commoditized " while their parents go broke
Interest rates on credit card debt is as high as 34 percent. One third over 55 who lost their jobs, never found another one to pay the bills. Some took $6 to $8 an hour jobs but this only put them in an endless circle of debt. Success for them was reaching Social Security age without having to declared bankruptcy. However even with Social Security kicked in, many were overwhelm with medical debts to pay since many had no medical insurance for several years prior to getting Medicare. Others were just totally caught by surprise about the radical change in the U.S. economy. It has taken years to adjust.
Many have long work histories and came from a generation known for paying their bills on time. They found new personal definitions for "shock and awe" and " America in Terror" in their lives. Many too were helping their children who were in the new working poor class as the middle class jobs faded away. Many also spent years, paying for the care of their parents. Nursing homes and Assisted Living care is much more than they made in a year. Even trying to cover the cost of a three month stay in a nursing home adds up quickly to $60,000. The older generations are also embarrassed to seek help. To be subjected to the indignity of bankruptcy is overwhelming. Imagine having a fifty year work history, losing your home and sitting in a bankruptcy court.
Many take out second and third mortgages on their homes. They start using credit cards to pay for their food and utility bills. At the same time, home foreclosures are breaking all records. People are not only losing their homes but those who are still living in them find the value of their homes radically reduced. They find they have no equity left and still have to pay the mortage payments on second or third mortages. Their equity has faded away as the lives they once knew are fading away too.
An bankruptcy trustee says, credit card debt in the recent past were in a range of $10,000 to $15,000 . Today the trustee says, it's not uncommon for people to owe $80,000 or even $100,000. It is also not uncommon for elderly parents to hide their financial problems from their children. One of the first things that go, is insurance. They cash in their life insurance policies. Then they cash in any IRA they may have. When an 18 percent credit card interest rate takes over, the final curtain begins to come down. When the 27 percent and even 34 percent rates come, the last nail is hammered into their financial coffin with many having nothing left to pay for their own funerals. This is the state of the union in 2008.
Still, Fed Chairman Ben Bernanke says paying down a credit card debt with the economic stimulus package is a "negative". He says to spend the extra money on "domestically produced" items to stimulate the economy. It seems the last "domestically produced" items are credit cards. It like a dog chasing its own tail.
Extra note: As a courtesy, Bizarre Politics features unlimited Free web services, items and much more- Today's example: Fantastic online image editor where you can add text and border to your pictures - Click here to go to Unlimited total free items You won't believe it until you see it !
Increasing number of older Americans over 55 are being overwhelmed by debt and are going bankrupt in record breaking numbers.
The American Bankruptcy Institute and the Institute for Financial Literacy reports based on the last 2006 summary, close to 23 percent of all declaring bankruptcy in the USA are 55 or older. This is up from less than 10 percent in 1994. So, it has happened during both the Clinton and Bush era.
( This comes at a time when Ralph Nader is mulling over running for President saying HIllary Clinton is the candidate of big business and Senator McCain is the candidate for perpetual war as debt is overtaking more and more Americans includling a breaking record for the elderly. -- stay tune for more -- electing Hillary as President is like putting a fox in charge of the chicken coop -- and all the major Republican candidates are Free Trader Globalists who have betrayed not only the American workers but workers everywhere . )
Workers are " commoditized " while their parents go broke
Interest rates on credit card debt is as high as 34 percent. One third over 55 who lost their jobs, never found another one to pay the bills. Some took $6 to $8 an hour jobs but this only put them in an endless circle of debt. Success for them was reaching Social Security age without having to declared bankruptcy. However even with Social Security kicked in, many were overwhelm with medical debts to pay since many had no medical insurance for several years prior to getting Medicare. Others were just totally caught by surprise about the radical change in the U.S. economy. It has taken years to adjust.
Many have long work histories and came from a generation known for paying their bills on time. They found new personal definitions for "shock and awe" and " America in Terror" in their lives. Many too were helping their children who were in the new working poor class as the middle class jobs faded away. Many also spent years, paying for the care of their parents. Nursing homes and Assisted Living care is much more than they made in a year. Even trying to cover the cost of a three month stay in a nursing home adds up quickly to $60,000. The older generations are also embarrassed to seek help. To be subjected to the indignity of bankruptcy is overwhelming. Imagine having a fifty year work history, losing your home and sitting in a bankruptcy court.
Many take out second and third mortgages on their homes. They start using credit cards to pay for their food and utility bills. At the same time, home foreclosures are breaking all records. People are not only losing their homes but those who are still living in them find the value of their homes radically reduced. They find they have no equity left and still have to pay the mortage payments on second or third mortages. Their equity has faded away as the lives they once knew are fading away too.
An bankruptcy trustee says, credit card debt in the recent past were in a range of $10,000 to $15,000 . Today the trustee says, it's not uncommon for people to owe $80,000 or even $100,000. It is also not uncommon for elderly parents to hide their financial problems from their children. One of the first things that go, is insurance. They cash in their life insurance policies. Then they cash in any IRA they may have. When an 18 percent credit card interest rate takes over, the final curtain begins to come down. When the 27 percent and even 34 percent rates come, the last nail is hammered into their financial coffin with many having nothing left to pay for their own funerals. This is the state of the union in 2008.
Still, Fed Chairman Ben Bernanke says paying down a credit card debt with the economic stimulus package is a "negative". He says to spend the extra money on "domestically produced" items to stimulate the economy. It seems the last "domestically produced" items are credit cards. It like a dog chasing its own tail.
Extra note: As a courtesy, Bizarre Politics features unlimited Free web services, items and much more- Today's example: Fantastic online image editor where you can add text and border to your pictures - Click here to go to Unlimited total free items You won't believe it until you see it !
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