Baby Boomer lifestyles “are coming home to roost” as defaults on credit payments rise,says credit information provider Veda Advantage.
Boomer credit defaults rose by almost 20 per cent in September from the same month a year ago, while overall defaults were up by less than 7 per cent.
Credit defaults by those aged between 44 and 62 were up 19.4 per cent from September 2008, while defaults by Generation X (aged 28-42) rose 3.6 per cent and Generation Y (under 28) defaults fell 2.3 per cent in September, Veda said.
“The statistics show the lifestyles of the Baby Boomers are coming home to roost - they are defaulting on debts mounted up over the years which they can now no longer service - the recession has seen many Baby Boomers lose their jobs while others have had their wealth eroded,” Veda Managing Director John Roberts said.
However, Roberts said …
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