More college graduates are filing for bankruptcy, according to a new study from the Institute for Financial Literacy.
The Wall Street Journal has more:
The study found that from 2006 to 2010, bankruptcy filings increased among college graduates and those earning $60,000 a year or more. What's more, last year, 64% of bankruptcy filers surveyed were married--a number that also increased from five years ago.
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The study found that those holding a bachelor's degree accounted for 13.58% of filings last year, up from 11.2% in 2006--a 21% increase. Those holding high school degrees still accounted for the largest percentage of filers, 36.27%, but their proportion of all filers fell by 8.6%.
According to the report, those who had completed some college were at a higher risk of bankruptcy, and those who had graduate degrees were at risk as well. The percentage of graduate degree holders who filed for bankruptcy rose to 6.7% from 4.9% in 2006.
The New York Daily News reports that the most substantial factor for bankruptcy filing continues to be credit card overextension.
Have you or someone you know filed for bankruptcy? Share your story below.
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