Institute for Financial Literacy Releases Report on: Who Went Bankrupt In 2006

The Institute for Financial Literacy today released ground breaking demographics research on who the average American was that went bankrupt in 2006. Information was gathered from over 24,000 consumers seeking pre-bankruptcy credit counseling. It showed the average American filing bankruptcy is Caucasian, married, employed, between the age of 35-44 years old, has at least a high school education if not some college, makes no more than $30,000 per year. The primary reasons for their financial distress include overextended on credit, reduction of income or job loss, illness or injury and unexpected expenses.

Portland, ME (PRWEB) June 20, 2007 -- The Institute for Financial Literacy today released ground breaking demographics research on who the average American was that went bankrupt in 2006. Information was gathered from over 24,000 consumers seeking pre-bankruptcy credit counseling and showed the following:

•The average American filing bankruptcy is Caucasian, married, employed,

•between the age of 35-44 years old,

•has at least a high school education if not some college,

•makes no more than $30,000 per year.

•The primary reasons for their financial distress include: Overextended on credit, reduction of income or job loss, illness or injury and unexpected expenses.

"This research is significant because understanding who is financially distressed in America will help us begin to address the underlying causes." said Leslie E. Linfield, Executive Director of the Institute for Financial Literacy. "With such a large body of research, policymakers, advocates and educators can work to help Americans move to financial security and ensure economic stability."

The full report can be downloaded from the Institute for Financial Literacy's website at http://financiallit.org/news/white/WWBR.

The Institute for Financial Literacy is a non-profit organization whose mission is to make effective financial literacy education available to all American adults. The Institute accomplishes its mission by developing financial literacy education programs, partnering with non-profit, educational and governmental organizations to integrate these programs into their existing services, and publishing the National Standards in Adult Financial Literacy Education.

For more information, please contact 207-221-3613 or visit our website at www.financiallit.org.

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