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20 Years Old 30,000 in Debt....and no Degree

Written by idolizethemind


Posted on December 17 2011

In 2006, only 5.5% of the debtors participating in the report made more than $60,000, but this income bracket shifted to more than 9% by 2010.
Married Americans

Were hit particularly hard, experiencing a 12% increase in bankruptcy filings since 2006.

Married people represent more than 60% of all filings. Of those filings, nearly 35% were joint petitions, the study said.
"Married was the dominant marital status of those seeking bankruptcy protection between 2006 and 2010," read the report.
How I saved $50,000 in college costs

When asked about the causes of their financial distress from 2006 to 2010, increasing rates of respondents reported that they were overextended on their credit, had experienced a reduction in income, or had lost their jobs.
Other causes, such as unexpected expenses, death of a family member, illness and injury, showed a decrease over five years.
The study also explored the racial demographic of debtors. The rate of whites and Native Americans filing for bankruptcy was little changed over five years.
Paying the bills with 'blood money'

But the percentage of Asian- Americans who filed for bankruptcy more than doubled, from 2.1% in 2006 to 4.5% in 2010. The percentage of Hispanics filing for bankruptcy also increased, to 8.7% from 6.5%.
African-Americans were the only ethnic group to show a significant decline in bankruptcy filings, to 11.3% from 15.4%.



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