Seniors going destitute because of credit card bills

Credit card debt is something many Americans struggle with, but a new study shows that senior citizens are particularly at risk for crushing debt, so much so that an increasing number are turning to bankruptcy for relief.

According to research done by the University of Michigan Law School, a whopping two-thirds of older Americans say that high credit card debt is a reason behind their choice to file for bankruptcy. In addition, the total credit card debt of senior bankruptcy filers is 50% higher than that of younger people seeking debt relief through bankruptcy.