30% of Bankruptcies in Ontario are Senior Citizens

A recent article by The Canadian Press/CBC, has pointed out a disturbing trend with today’s senior citizens in Ontario, many of whom are retiring earlier and living longer than previous generations of seniors.

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Credit card debt currently represents the largest portion of debt for senior citizens, with payday loans becoming an increasing concern – according to a report from bankruptcy experts Hoyes, Michalos & Associates. Their report further indicates that seniors tend to have larger debts and short-term payday loans tend to have higher interest rates, making it very difficult for a senior citizen (whose income has likely been decreasing or at best, fixed), to get out of debt.

A significant factor in the rate of seniors declaring bankruptcy is the aging of the baby boomer generation (people born between 1945-1965) as they are now becoming official senior citizens. Other factors influencing this are the volume of seniors facing medical expenses, job losses, and the long-term financial impacts of divorce.

Read the full article here.

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