| |
NewswireTODAY - /newswire/ -
Dallas, TX, United States, 2007/08/10 - Bankruptcy filings among the baby boomer generation increased more than 45 percent from 1994 to 2002. Americans age 55 and older account for a larger percentage of filers, disproportionate to their increasing population - CreditSolutions.com.
|
| |
Credit Solutions is providing more baby boomers an alternative to filing bankruptcy, and a credit counseling and debt consolidation alternative as well. Bankruptcy filings are increasing faster among seniors, 55 years old and over, according to a report by the American Bankruptcy Institute Journal published in May.
The journal reported that the seniors make up 14 percent of the Chapter 7 and Chapter 13 bankruptcy filings this year - about 2,000 out of 14,500 filings every week. That is an increase of more than 45 percent from 1994 when the baby boomers accounted for only 9.6 percent of the filings. This is the largest percentage increase of any generation in that span.
The reason may be because the elder generation is carrying more debt than other generations, namely because of mortgages, home-equity loans, credit card bills and increasing medical expenses. More seniors are using credit cards, often to meet medical bills. In many cases, doctors require a credit card upfront before attending to their patients needs, exacerbating the debt problem for the baby boomer generation.
“Credit Solutions offers baby boomers a bankruptcy and debt consolidation alternative that allows them to regain control of their financial lives,” said Matt Reivitt, CEO of Credit Solutions. “Without our alternative, more Americans will seek bankruptcy. We offer a way out of debt,” said Reivitt.
Credit Solutions has helped numerous seniors, but the service helps people from all walks of life relieve debt and begin living debt free. They have helped nearly 70,000 families on the path to a debt-free future. In June, Credit Solutions handled $25 million in debt for clients, a new debt-settlement industry record.
“Debt is ruining many of the baby boomers,” said Heath Tudor, Credit Solutions’ marketing director. “The boomers’ population is increasing, but the bankruptcy filings are disproportionate to that increase,” he said. “They need debt relief - an alternative to bankruptcy and debt consolidation. That is what we provide,” Tudor said.
Credit Solutions is the leader in the debt-settlement industry, managing over $1.2 billion of debt. It is an interactive, web-based company located in Dallas, Texas. Debt consultants negotiate with clients’ creditors to lower outstanding debts. Credit Solutions was founded in 2003 and has grown to more than 650 employees.
Credit Solutions (creditsolutions.com) is a member of the Greater Dallas Chamber of Commerce, the American Bankers Association and the United States Organizations for Bankruptcy Alternatives (USOBA). It recently received the prestigious J.D. Power and Associates recognition for outstanding customer service for their national call center operations.
|
htudor[.]creditsolutions.com 
