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Baby Boomers & Debt:

I'm Ed Boltz from the Law Offices of John T. Orcutt. Recent studies have shown that more and more baby boomers and seniors are filing bankruptcy. What's driving this trend? Odd as it might sound, bankruptcy can be a very useful retirement strategy? But you don't have to believe me, let's look at the numbers: Let's say you're about 55 years old and you owe 25 thousand dollars in credit card debt with an interest rate of 24%. If you put $550 a month towards paying off that credit card it's going to take you ten years to completely pay it off and you'll pay those credit card companies more than $65,000

 

baby-boomer-debt-chart

 

Now let's take the exact same payments of $550 a month but instead you're going to invest that in a retirement fund earning a modest rate of interest of seven percent.

 

Do you realized that in that exact same ten years time will earn nearly $100,000 That's nearly $100,000 for retirement, $100,000 for buying a home, or $100,000 for taking care of your family.

The question is whether or not it makes sense to file bankruptcy now I don't see how it couldn't make sense for more information and for detailed advice.

If you're interested in a free consultation on whether bankruptcy is right for you and your future, fill out the contact field below!
 

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