Americans in their later years who are nearing retirement are taking on more debt than ever in American history, and lawyer referral service organization Resolvly explains how and why.
May 4, 2021 /MarketersMedia/ —
Experts at Resolvly, Boca Raton-based company, specializing in debt resolution, say that Americans in their fifties and sixties are taking on more debt than ever in today's economy compared to previous years.
As Americans get closer to retirement, more are seeing an increase in their accumulation of debt. Recent research reflects this unfortunate trend among those ages fifty into their early sixties. The numbers from the Employee Benefits Research Institute (EBRI) show that heads of families aged fifty-five and older with debt have drastically increased over a ten-year period. In 1998, that percentage was fifty-four percent, and in 2019, the number elevated to sixty-eight percent. In 2020, the personal finance industry revealed that retirees doubled their debt amounts.
When it comes time to retire, Americans should be achieving a peak in retirement savings rather than what this generation of retirees is doing, which is still dealing with mortgages, student loans, credit card debt, and medical bills. EBRI reports reflect that heads of families aged fifty-five or older and Black or Hispanic are carrying more consumer debt than housing debt. Consumer debt includes car loans, credit cards, and personal loans. Reports from EBRI also show that families with older minorities as the head of the household are more at risk of having debt payments that take more than forty percent of their income.
The increased indebtedness is also found in people seventy or older in areas of debt dealing with credit cards and mortgages. Urban Institute economists say that carrying significant amounts of debt gets riskier and riskier the older a person is, and such a place is referred to as "living on the edge."
Factors such as using credit cards as a safety net for medication purchases contribute to increased credit card debt seen with older Americans. The discussion around the growth of debt for this generation revolves around rising bankruptcies, too. Americans who are sixty-five or older make up for one in eight of those who file for bankruptcy. Authors of Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society say that the number of older-aged individuals filing for bankruptcy now is almost a fivefold increase over the past two and a half decades. The harmful combination of declining incomes and heavy medical bills for retirees is a reason behind the swell in older bankruptcy filers.
Paying off student loans also plays a part in retirees' increase of debt, whether it be their own or for their children's tuition.
Resolvly LLC wants to extend a helping hand for those older Americans who might find themselves a part of this high debt trend and wish to seek financial relief. Resolvly was founded in 2015 and is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that are masters in debt resolution. Whatever one's unsecured debt might be, Resolvly can assist with all types, including credit cards, personal loans, medical bills, private student loans, business debt, and vehicle repossessions.
For more information about Resolvly or to schedule a free consultation, check out their website at www.resolvly.com, call the toll-free number (866) 955-5047, or email info@resolvly.com.
About Resolvly
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. The Boca Raton-based company was founded in 2015 and has helped thousands of Americans find the right legal-based solution to reduce or dismiss their unsecured debt. Resolvly works with a network of attorneys that will protect and enforce their clients' legal rights.
Contact Info:
Name: Resolvly LLC
Email: Send Email
Organization: Resolvly LLC
Address: Boca Raton, Florida
Phone: 866-955-5047
Website: https://resolvly.com/
Source URL: https://marketersmedia.com/resolvly-discusses-how-older-americans-are-taking-on-more-debt-than-ever/89010350
Source: MarketersMedia
Release ID: 89010350
