Women file bankruptcy at higher rates than men, however men are catching up.
The average American who is in financial distress and seeking credit counseling and financial education is:
- Caucasian, married, employed, between the age of 35-44 years old, has at least a high school education if not some college, and makes no more than $30,000 per year.
- The primary reasons for their financial distress include: Overextended on credit, reduction of income or job loss, illness or injury.
Areas of growing concern include:
- The increasing filing rates for men
- That women still file bankruptcy at higher rates then men
- Bankruptcy filing rates of Middle-Aged Americans
- Identity Theft's role in bankruptcy filings
- What role educational attainment plays in bankruptcy
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Some seniors are falling victim to reverse mortgage scams.
For many seniors who are rich in home equity but poor in cash, reverse mortgages are becoming a popular option. The mortgages allow homeowners age 62 and older to transfer the equity from their homes into monthly income. For some seniors, the mortgages work well, but others have fallen victim to salespeople who use high-pressure sales pitches and unscrupulous tactics to sign them up for the mortgages. As a result, many seniors are paying exorbitant fees or buying unnecessary insurance policies. The growth in these mortgages has skyrocketed in recent years. According to a 2007 report from the Department of Housing and Urban Development, the number of reverse mortgages grew from nearly 8,000 in 2001 to more than 107,000 last year.
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