3 ms·
The chart showing bankruptcies changes per age group make it seem like its the same generation constantly filing for bankruptcy. Younger and middle aged bankrup
by frockington 8y ago
The chart showing bankruptcies changes per age group make it seem like its the same generation constantly filing for bankruptcy. Younger and middle aged bankruptcies have declined 50% while older bankruptcies have risen ~100%.
- bagrow 8y agoAll the charts are clearly labeled 1991 to 2016.
- frockington 8y agoExactly, if the younger generations have decreased, while older has increased, its the same generation constantly inflating bankruptcies as they get older
- panzagl 8y agoSomeone filing in the 35 to 44 category in 1991 would be in the 60-69 age range by 2016- basically it's the same age cohort declaring bankruptcy at a high rate as they age through the categories.
- cryoshon 8y agopossible explanation: the younger generations aren't that sick yet, so they don't face massive medical bills for the most part. likewise, the younger generations don't have enough money to even approach certain sources of debt like a mortgage. (is mortgage considered a debt?)
- izzydata 8y agoIt seems like it is technically a debt, but financially I wouldn't consider it debt until you have either failed to pay it back in the agreed upon time or are missing payments.
- gowld 8y agoThe word you are looking for is "secured" debt. https://www.lendingtree.com/glossary/secured-debt/ https://www.lendingtree.com/glossary/secured-debt/
- frockington 8y agoThe graphs are related to number of bankruptcy filings. I don;t think younger people are any less sick now than they used to unless preventive care has gotten significantly better, could be interesting to explore
- megaman22 8y agoYou can't go bankrupt on student loans, so there's your young people with crushing debt that they can't discharge, much less take on other debts that could be discharged in a bankruptcy.
- bdamm 8y agoHow could mortgage not be considered debt? You're taking someone else's money, spending it for your own benefit, and contracting to pay it back on a certain schedule + a hefty profit for the lender. Sure seems like classic debt to me. Just because there's a lot of structure around it and it's very common doesn't reduce the fact it is actual debt.
- onion2k 8y agoThe chart showing bankruptcies changes per age group make it seem like its the same generation constantly filing for bankruptcy. Young people can't default on a mortgage if they can't afford to save enough for a deposit on a house in the first place.
- patmcguire 8y agoAnd it wasn't until 2005 that student loans were made permanently non-dischargeable, rather than the previous first five years. Of course bankruptcies went down, what's the point?
- gowld 8y agoYou must have missed the 2000s when mortgages didn't have down payments.
- TooBrokeToBeg 8y agoOr you just overestimate how many kids who were dumb enough to get an ARM wanted to settle down and buy a house. More likely, the numbers are misleading in some way.