Six out of 10 people 65 and older who file bankruptcy do so because they can’t afford to pay their enormous medical bills.
The number of people 55 and older filing bankruptcies has skyrocketed since 1991, and that’s even more true for those 65 and older.
Why are so many older adults going bankrupt? One major factor behind the rise of these bankruptcies: medical debt. In fact, six out of 10 people 65 and older who file bankruptcy do so because they can’t afford to pay their enormous medical bills, Lawless says. Lawless says that many older Americans who file bankruptcy have “run out of resources.” They no longer have savings. And because most are no longer working full time, if at all, they have “less ability to cope” with financial struggles that lead to bankruptcy than their younger counterparts.
And making small purchases on the card that you pay in full each month will help build a good payment record. After a year or so of on-time payments, you will be ready to apply for a traditional, unsecured credit card. How bankruptcy can hurt your credit But it’s important to understand that a bankruptcy can stay on your credit report for as long as 10 years. It has the biggest impact on your credit in the first two years after filing for bankruptcy, notes Duguay.
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