Tapsearch Com EditorLast Years of Life spent in Bankruptcy (LINK)
August 30th 2008 02:44
Bizarre Politics Reports:
Bankruptcies continue to soar for older Americans
This is latest story about Bankruptcy being the last economic disease for the elderly by Ray Tapajna based on Associated Press news service article
This follows our last post about Bankruptcy Hits Elderly
President Franklin Roosevelt said economic diseases are highly communicable. Bankruptcy has broken records for years and for many senior citizens it is their last "disease" to suffer through.
This is not just about the Bush years either. A new analysis from the Consumer Bankruptcy Project, which examined a sampling of noncomercial bankruptcies filed between 1991 and 2007 - ( Yes, it includes the Clintons era too -) for older Americans have soared. The older the age group, the worst it got - people 65 and older became more than twice as likely to file during that period and the filing rate of those 75 and older more than quadrupled.
Imagine working a whole life and end up having to take a pre-bankruptcy course and a post- bankruptcy course before going bankrupt and in order to make the bankruptcy official. The courses are based on consumers spending habits and budgets. While these bankruptcies are far from being part of consumerism. Most bankruptcies were based on running out of money, losing everything it took a lifetime to accumulate and losing jobs or losing the small business that paid to the bills. Reportedly, one third of those 55 or more who lost their jobs, never found another one. Reportedly, 48 percent of small business owners maxed out their credit cards trying to keep their businesses afloat. However, when the interest rates climbed to 18 percent the possibilities of survival were nill. Then the interest rates climbed to 24 percent when borrowers slowed down their payments, creditors were charging up to 34 percent interest for regular credit card lines. For many, the Pay Day Loans came and ended the fight to survive quickly.
Ada Noda at age 80 went bankrupt. She says,
" I was born during the Depression and paid the bills whether I ate or didn't, whether I went to the doctor or not." After double-bypass surgery, she started using two credit cards more frequently, for food and bills.
" I'd go to bed and all I had on my mind was bankruptcy," she said, "I had nothing left."
In 1991, the 55-plus age group accounted for about 8 percent of bankruptcy filers, By last year, filers 55 and older accounted for 22 percent. Record breaking bankruptcy rates were reported almost every year for the 16 year period.
The filing rate per thousand people:
Ages 55-64 was up 40 percent
Among 65 to 74 year olds, it increased to 125 percent
Among the 75 to 84 year old set, it was up 433 percent.
There is no evidence that the problem was consumerism and the averge age in 1991 was 33 and in 2007, it was 36. So the aging did not play that big of a part.
This was a small article on the business pages of our daily newspaper. Nothing was reported by any of our political leaders. I doubt if either presidential candidate will mention it. I wonder if they were part of the passing of the bankruptcy testing .
This is an untold story behind the news in the Silent Depression of our times.
Who said we had to compete like this in a global economic arena?
Why are the terms NAFTA, GATT, CAFTA, Globalization, Free Trade, the WTO , not used in defining the core of our problems during the most massive dislocation of jobs in U.S. history.
Senator McCain calls for more of the same and hides from these untold stories of our times.
Obama talks jobs but evades the real core problems of Globalization and Free Trade.
And view The Clinton Years - The American Dream Reversed
This follows our last post about Bankruptcy Hits Elderly
President Franklin Roosevelt said economic diseases are highly communicable. Bankruptcy has broken records for years and for many senior citizens it is their last "disease" to suffer through.
This is not just about the Bush years either. A new analysis from the Consumer Bankruptcy Project, which examined a sampling of noncomercial bankruptcies filed between 1991 and 2007 - ( Yes, it includes the Clintons era too -) for older Americans have soared. The older the age group, the worst it got - people 65 and older became more than twice as likely to file during that period and the filing rate of those 75 and older more than quadrupled.
Imagine working a whole life and end up having to take a pre-bankruptcy course and a post- bankruptcy course before going bankrupt and in order to make the bankruptcy official. The courses are based on consumers spending habits and budgets. While these bankruptcies are far from being part of consumerism. Most bankruptcies were based on running out of money, losing everything it took a lifetime to accumulate and losing jobs or losing the small business that paid to the bills. Reportedly, one third of those 55 or more who lost their jobs, never found another one. Reportedly, 48 percent of small business owners maxed out their credit cards trying to keep their businesses afloat. However, when the interest rates climbed to 18 percent the possibilities of survival were nill. Then the interest rates climbed to 24 percent when borrowers slowed down their payments, creditors were charging up to 34 percent interest for regular credit card lines. For many, the Pay Day Loans came and ended the fight to survive quickly.
Ada Noda at age 80 went bankrupt. She says,
" I was born during the Depression and paid the bills whether I ate or didn't, whether I went to the doctor or not." After double-bypass surgery, she started using two credit cards more frequently, for food and bills.
" I'd go to bed and all I had on my mind was bankruptcy," she said, "I had nothing left."
In 1991, the 55-plus age group accounted for about 8 percent of bankruptcy filers, By last year, filers 55 and older accounted for 22 percent. Record breaking bankruptcy rates were reported almost every year for the 16 year period.
The filing rate per thousand people:
Ages 55-64 was up 40 percent
Among 65 to 74 year olds, it increased to 125 percent
Among the 75 to 84 year old set, it was up 433 percent.
There is no evidence that the problem was consumerism and the averge age in 1991 was 33 and in 2007, it was 36. So the aging did not play that big of a part.
This was a small article on the business pages of our daily newspaper. Nothing was reported by any of our political leaders. I doubt if either presidential candidate will mention it. I wonder if they were part of the passing of the bankruptcy testing .
This is an untold story behind the news in the Silent Depression of our times.
Who said we had to compete like this in a global economic arena?
Why are the terms NAFTA, GATT, CAFTA, Globalization, Free Trade, the WTO , not used in defining the core of our problems during the most massive dislocation of jobs in U.S. history.
Senator McCain calls for more of the same and hides from these untold stories of our times.
Obama talks jobs but evades the real core problems of Globalization and Free Trade.
And view The Clinton Years - The American Dream Reversed
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