As Debt Grows Among Older Americans, So Does Bankruptcy

A new study from the Social Science Research Network finds bankruptcy among Americans older than 65 has more than doubled, reports CNBC . The U.S. government estimates that the average monthly Social Security check is $1,404, and more than 40 percent of single adults receive more than 90 percent of their income from that check. The U.S. Government Accountability Office says the population of Social Security recipients 65 and up who had their check reduced because of their student loans rose more than 500 percent between 2002 and 2015. Possible remedies include mapping expenses, according to financial experts. This should make it more likely that consumers stick to a budget, and therefore avoid deeper debt. Meanwhile, the National Council on Aging's Economic Check Up website lets users secure a free personal report on money management and budgeting. Lori Trawinski with the AARP Public Policy Institute suggests consumers who are anticipating problems paying their mortgages contact their financial institution immediately. Meanwhile, Craig Copeland with the Employee Benefit Research Institute says, "To pay off the debt, you're going to have to give up some living standards. You may have to stop traveling or going out for dinner."