Old Age Bankruptcy

The story in the Independent that

Pensioners have become so laden with debt that the number filing for bankruptcy has increased eight-fold in five years. Campaigners are blaming the worrying rise on a combination of cheap credit, soaring living costs and the complicated benefits system.

Nearly 8,000 people aged 65 or over took the ultimate financial sanction last year and sought bankruptcy – up from 900 in 2002. The figure is just one of a series of statistics this week showing the growing financial burden and consequences of an ageing population.

is a shocking reflection on todays society.

According to Joe Harris, the leader of the National Pensioners Convention.

"Many older people feel the whole process of having to parade their poverty in order to get a little bit extra to live on is demeaning."

This is a sad state of affairs.

Number of pensioners going bankrupt rises by 700% in five years - Independent Online Edition > This Britain