The North Carolina Bankruptcy Information Blog

Facing everything from medical markups, to investment issues, to mortgage meltdowns to cash-strapped kids, it’s clearer than ever that our country’s oldest citizens represent one of the hardest hit demographics in the country’s lingering economic malaise. As a result, more and more mature Americans have been relying on high interest credit cards to scrape by, leading some to subsequently seek the financial safe havens a bankruptcy can provide. In fact, the Consumer Bankruptcy Project found that some 66 percent of senior citizens filing for bankruptcy said credit card debt was the cause for their recent financial issues.

Add to the aforementioned reasons that older Americans are getting “scrooged” this holiday season, the fact that medical expenses, cost of living and taxes continue to rise, while the amount of Social Security payments remain stagnant as early retirement plans mean huge losses.…

Facing everything from retirement woes to cash-strapped kids, it has been well-reported that older Americans are some of the hardest hit by a lingering recession and rising health care costs.
And now, according The Huffington Post’s Laura Bassett, things just got a little worse for mature Americans looking for work. The reporter blogged in her article “Older Jobseekers Face An Uphill Climb” about the staggering 2 million unemployed people in the U.S. who are over the age of 55.

The “Uphill Climb” of Unemployment

“Although the unemployment rate for people 55 and older dropped from 7.1 to 6.9 percent in March, the AARP Public Policy Institute reported that the average duration of unemployment for older jobseekers was almost three weeks longer in March than it had been in February, and was substantially higher than the 31.1 weeks for the unemployed under age 55,” reported Bassett.…

This blog talks at length about savings strategies and offers a great deal of consumer spending advice. Our goal is to create an all-encompassing approach to helping readers, clients and potential clients be financially successful after bankruptcy.

Having a healthy savings account should be the goal of anyone rebuilding after bankruptcy. But after the great bank fallout of the last two years, it’s becoming hard for a lot Americans to trust some of our nation’s largest financial institutions. Not only are the rate of return on these accounts very low, it seems every day banks are surprising account holders with a sudden fee or reduction in service.…