According to a recent study, older people are likely to exhibit signs of depression if they are plagued with a certain amount of unsecured debt, a Newsday article stated on August 1.
In the study conducted at Rutgers University, the researchers stated that an estimated 30 percent of people aged 51 and above have unsecured debts, such as from a credit card or unpaid bills. The study also revealed that the higher the debt was in proportion to income, the greater the chances that person showed signs of depression. A different study listed the average amount of credit card debt for adults 50 and over was $8,300.
In times of financial hardship, debts can quickly become unmanageable and overwhelming. However, there may be method of recourse for those in debt to start again. The attorneys at Greenway Bankruptcy Law, LLC, may be able to offer you legal solutions to mitigate or manage your debt. To learn more, call our Birmingham offices at (205) 324-4000 today.