It looks like many baby boomers are heading into the Golden Years with less gold in their future and more time in the Salt Mines.

Washington Post (04/27/07) In a trend blamed in some measure on escalating mortgage debt and medical costs, U.S. seniorspersonal bankruptcy at a faster pace than any other age group. A study from researchers at the Administrative Office of the U.S. Courts found that even though the number of Americans aged 55 and up expanded to 30.1 percent of the national population in 2002 from 29.2 percent in 1994, the share of seniors seeking bankruptcy protection swelled 45.8 percent to 14 percent are filing for from 9.6 percent over that same time frame. The study results are being brought to light at a time when other research is documenting how more older consumers are leaning on home-equity loans and credit cards to foot their medical bills.

In talking to a few of the lenders we use, there are options available for these boomers to still turn things around and not have to face a future of working with one foot in the grave. If you feel you are approaching such a situation – act now – before your options erode even further. Lending guidelines are changing everyday and becoming more restrictive – delay of game – may cost you retirement or worse.

Knowledge is Power!!