Apart from high profile Baby Boomers like Cyndy Lauper, MC Hammer and Willie Nelson, a growing percentage of the the now 75 million US Boomers may also go through bankruptcy. "Serves 'em right!" some non-boomers are probably saying, but various factors have led to this - not just rampant consumerism and naked avarice.
The February 2016 Household Debt and Credit Report by the New York Fed calculates that the aggregate debt of the average Baby Boomer has risen an unbelievable 169 percent in the past 12 years. The report also estimates that the average 65-year-old borrower has 47 percent more mortgage debt and 29 percent more auto debt than 65-year-olds had in 2003.At least it looks like the younger generation is trying not to follow our example.