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September 13th, 2011

I love the language! It’s not a depression or an economic collapse. What we’re seeing is a, “Sophisticated evolution of the profile of the American debtor that now extends to disparate age, income and ethnic groups.”

Via: CNN:

Bankruptcy has gotten more educated over the past five years, as financial distress spread to more of the population with college degrees, according to study results released Tuesday.

“The Great Recession has had a dramatic impact on the bankruptcy filings of American consumers across the economic spectrum — including college-educated, high-income earners,” said Leslie Linfield, executive director and founder of the Institute for Financial Literacy, which conducted the study.

While those who didn’t graduate from college make up 70% of debtors, the study found that the rate of college graduates filing for bankruptcy increased by 20%.

“While less educated, low-income individuals continue to represent the typical bankruptcy filer, this report underscores a sophisticated evolution of the profile of the American debtor that now extends to disparate age, income and ethnic groups,” Linfield said.

Economy | Posted in Collapse Top Of Page