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(London.CityRegions.com, May 17, 2013 ) Manchester, UK -- In a new study released by Hoyes, Michalos & Associates Inc. Canadians who end up having to declare any form of bankruptcy has increased with age, as deeper debt is accrued.
The numbers show that 7,000 personal insolvency reports were filed between the 2011 and 2012 fiscal years, and indicated that the typical filer is a 43-year-old male with over $60,000 in unsecured debt.
The most remarkable section of the finding is that the highest debt levels seem to be occurring during a person's 50s, wherein unsecured debt reaches levels higher than $84,000. For an age-group that is supposed to be the period in which individuals debt is lowering and one is preparing for retirement, it adds concern to societal debt figures.
“The most at-risk group are ‘pre-retirement debtors.’ At a time in their lives when they should be rapidly paying down debt, their financial burden continues to grow,” says Ted Michalos, a trustee with Hoyes, Michalos.
Those in the at-risk group are often working, but earning less than those in their 40s, according to the numbers compiled. A third of all in the older age group are still supporting at least one independent as well, and often carrying significant mortgage numbers.
“They are squeezed from all sides as they are often supporting both older children and aging parents, making debt payments, and may also be dealing with medical expenses for themselves or family members,” Douglas Hoyes said in a news release Monday.
The average sits at $84,199 in unsecured debt for those in their 50s, and represents a 14% increase over the 2009-10 numbers.
Debtors in their golden years account for nearly 10% of all insolvencies filed in the new numbers, which is up 8% from two years prior. The same group is the only to increase its total insolvency as a net total.
“Joe Debtor is using credit to make ends meet, increasing an already heavy debt load that he can’t repay on his reduced income. He gets squeezed so much that the ‘house of cards’ collapses and he has no alternative but to file a consumer proposal or personal bankruptcy,” said Mr. Michalos.
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