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The (interconnected) reasons elder Americans file consumer bankruptcy
1Department of Sociology and Anthropology, Ohio University, Athens, Ohio, USA. thorned@ohio.edu
Journal of Aging & Social Policy
|April 15, 2010
Summary
Elder Americans aged 65+ are increasingly filing for bankruptcy. Key factors include high credit card interest, medical issues, income instability, and housing difficulties, often stemming from multiple causes.
Area of Science:
- Gerontology
- Financial Criminology
- Sociology
Background:
- The age distribution of bankruptcy filers has shifted since the 1990s.
- There is a notable increase in bankruptcy filings among older Americans (65+).
- Reasons for elder bankruptcies remain understudied.
Purpose of the Study:
- To investigate the primary drivers behind bankruptcy filings in the elderly population.
- To identify the specific financial, health, and social factors contributing to elder bankruptcies.
Main Methods:
- Utilized quantitative and qualitative data from 381 respondents in the 2007 Consumer Bankruptcy Project.
- Analyzed data specifically from elder bankruptcy filers (65 and older).
Main Results:
- Overwhelming credit card interest and fees are significant factors.
- Illnesses, injuries, and resulting medical costs contribute to filings.
- Income problems, aggressive debt collection, and housing issues are also leading causes.
- Most elder bankruptcies arise from multiple, interconnected issues, not a single cause.
Conclusions:
- Elder bankruptcy is a complex issue driven by a confluence of financial, health, and personal challenges.
- Understanding these multifaceted causes is crucial for developing targeted support and prevention strategies for older adults facing financial distress.
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