More college graduates filing for bankruptcy

Teni Sow | September 15, 2011 | 0 Comments

More college graduates are filing for bankruptcy, according to a new study from the Institute for Financial Literacy.
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.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.

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