Every 28 seconds another student loan borrower defaults on their loan, underscoring how student loan debt is wreaking havoc on borrowers who are having a difficult time paying these large loans back. Whether they are federal or private student loans, the number of defaults highlight the difficulties student borrowers are facing. Currently, there is 1.5 million in outstanding student loan debt in the U.S. with student loans representing more than a third of severe derogatory balances. Federally … [Read more...]
Archives for September 2019
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Seniors Filing Bankruptcy Climbs to 12%
The number of seniors filing bankruptcy in the U.S. has increased dramatically over the last three decades. In the early 1990s, bankruptcy among seniors accounted for only 2% of bankruptcy claims. Over the years, bankruptcy among seniors has climbed to 12% with over a hundred thousand seniors filing for bankruptcy. Rising medical costs at a time when Medicare covers fewer expenses, stagnant or reduced wages, and fewer good pensions are one side of the equation; the other is that many seniors … [Read more...]
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