Health care costs are biggest threat to retirement security

Retirees see health care costs as the biggest threat to their financial security, according to a survey conducted by Millionaire Corner. Their concerns are not unfounded. Overwhelming debt due to medical costs is a factor in more than 60 percent of all Chapter 7 and other personal bankruptcy filings. Having health care insurance doesn’t necessarily help someone avoid bankruptcy. Close to 75 percent of all personal bankruptcies in which medical debt was cited as a factor involve individuals who have health care coverage. Rising health care costs add to the challenges faced by families who are struggling with debt. Between 2003 and 2011, health care insurance premiums increased by more than 60 percent. Between 1980 and 2010, spending on health care went from $256 billion to $2.6 trillion, a tenfold increase. As a result, many middle class Americans may be just one serious medical issue away from having to file for bankruptcy. The retirees who participated in the survey by Millionaire Corner said they are taking action to reduce the threat of health care costs to their continued financial security. More than one-third of those surveyed say they are trying to save more in response to the threat. More than… Continue reading

College grads facing overwhelming debt

Easy access to credit cards and sometimes compulsive spending among college-age students in New York and elsewhere have combined to create a growing problem of debt among Americans in their 20s. It is estimated that 50 percent of all college students in the United States have at least four credit cards. With credit so readily available, some students may rack up huge debt without fully understanding the consequences of their actions. For some young adults, the excessive debt has led to Chapter 7 bankruptcy. One recent college student recently shared her story. The 23-year-old described how she obtained her first credit card as a college freshman. By the time she left college four years later, she had three more credit cards and debt in excess of $20,000. Filing for bankruptcy provided a way to make a fresh financial start, however. She is now a freelance writer who has lived in New York and says she has learned a lesson from her early financial challenges. As the young woman’s story illustrates, there is life after bankruptcy. While personal bankruptcy is not something that one should enter into lightly, filing for bankruptcy may offer a viable solution for those struggling with debt…. Continue reading

College grads facing overwhelming debt

Easy access to credit cards and sometimes compulsive spending among college-age students in New York and elsewhere have combined to create a growing problem of debt among Americans in their 20s. It is estimated that 50 percent of all college students in the United States have at least four credit cards. With credit so readily available, some students may rack up huge debt without fully understanding the consequences of their actions. For some young adults, the excessive debt has led to Chapter 7 bankruptcy. One recent college student recently shared her story. The 23-year-old described how she obtained her first credit card as a college freshman. By the time she left college four years later, she had three more credit cards and debt in excess of $20,000. Filing for bankruptcy provided a way to make a fresh financial start, however. She is now a freelance writer who has lived in New York and says she has learned a lesson from her early financial challenges. As the young woman’s story illustrates, there is life after bankruptcy. While personal bankruptcy is not something that one should enter into lightly, filing for bankruptcy may offer a viable solution for those struggling with debt…. Continue reading

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