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| June 19, 2008: Bankruptcies Rising Among Seniors in the US - dysfunctional 'for profit' health care system and inadequate financial planning blamed... |
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US research shows that bankruptcy rates among seniors have more than doubled since the early 1990s. The cause for the phenomenon appears to be sharply skyrocketing US health-care costs, along with mounting personal debt. Seniors accounted for approximately 22.3% of the over 1,000,000 Americans who filed for personal bankrupcy in 2007. This figure is sharply up, from only 7.2% in 1991. This, according to a study released this week by the American Association of Retired Persons (AARP) this week. The sharp rise in bankrupcies by seniors is blamed particularly on the dysfunctional and costly private multiple-tier health care system in the US, along with deficiencies in financial planning. E.&O.E. |
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