Several news sources recently reported that bankruptcy filings by those 65 and over are ballooning. USA Today has a good, light summary. The main problem appears to be the required use of credit cards to purchase necessities. The author notes the following disparity:
Although young Americans grew up in a world of easy credit, older bankruptcy filers have 50% more credit card debt, according to Pottow's study. The median credit card debt of older bankruptcy filers in 2007 was $22,562, compared with $13,615 for younger filers, the study said.