by Jenny Sutton
Bankruptcy is a growing epidemic in today's society. During the time of The Great Depression, the percentage was about half of what is today. Now about one of every 68households declare bankruptcy. Most households have suffered job loss, and women are more independently apt to file than men.
The age of people declaring this financial trouble is also growing. The average age now is about 38 years old. Some people look at the average life cycle for families for an answer to this phenomenon. At an earlier age, people are occupied and busy with work and children. By around the age of 40, most parents no longer have their children at home and begin having a major change in lifestyle. Between the cost of their children's education and their own financial expenses, it is difficult to adults to sustain their financial stability. A mid-life crisis may be a factor of bankruptcy, or divorce.
All of these reasons support the fact that the age of bankruptcy filers is growing. With people living longer and spending more, it is not a surprising fact.
Sources:
Aging Bankruptcy Filers
Bankruptcy is a growing epidemic in today's society. During the time of The Great Depression, the percentage was about half of what is today. Now about one of every 68households declare bankruptcy. Most households have suffered job loss, and women are more independently apt to file than men.
The age of people declaring this financial trouble is also growing. The average age now is about 38 years old. Some people look at the average life cycle for families for an answer to this phenomenon. At an earlier age, people are occupied and busy with work and children. By around the age of 40, most parents no longer have their children at home and begin having a major change in lifestyle. Between the cost of their children's education and their own financial expenses, it is difficult to adults to sustain their financial stability. A mid-life crisis may be a factor of bankruptcy, or divorce.
All of these reasons support the fact that the age of bankruptcy filers is growing. With people living longer and spending more, it is not a surprising fact.
Sources:
Aging Bankruptcy Filers
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