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Elephant in the room: rising debt woes for many older Americans

On Behalf of | Jan 8, 2019 | bankruptcy, Firm News

Economic challenges and financial stress are realities tightly tied to America’s younger generations.

And that is only logical, right? It makes sense that many individuals just leaving school and/or embarking on a career must often deal for a time – sometimes years– with money-linked pressures. Student loans are a material nemesis for many. Housing costs can unduly strain budgets. Starting a family is expensive. And so on.

There is a widespread belief that, while such hurdles routinely confront comparatively younger individuals and families, they largely disappear over time. A common conception is that most people manage to become relatively secure as they enter or become firmly immersed in their retirement.

A recent article from the financial publication Economist indicates that such a belief, while perhaps being generally valid, is far from universally true.

Indeed, notes the Economist, a strong and empirically based argument can be made that financial woes tend to follow the so-called baby boomer demographic in an outsized way. That group is now retiring by the thousands daily, with evidence showing that many of its members are arriving at that threshold marked more by money concerns than by economic stability.

The reasons why are many, with debt-promoting catalysts often working in concert. Boomer divorces, premature job losses, income decline and medical expenses can collectively ratchet up financial difficulties for legions of older Americans.

We acknowledge those “unexpected twists and turns” on our website at the experienced Little Rock law firm of Robertson, Oswalt, Nony & Associates. Our deep legal team of practiced debt-relief attorneys routinely helps Arkansas residents – boomers and members of all other generations, as well – regain financial traction after slipping into material debt owing to reasons that are often beyond their reasonable control.

We note on our site that many people contacting our office leave a candid and confidential consultation realizing “that their fears were unwarranted, or greatly exaggerated.”

We welcome contacts to our firm and the opportunity to help each person seeking our assistance overcome economic challenges and gain a fresh financial start.


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