Most people believe that senior citizens are among the most savvy and financially intelligent people among us. Do you believe that too?

As a result, children (as they get older) listen to the advice handed down by their parents. Some of it is good advice. Much of it is outdated. Today, we are seeing the results of bad financial planning:

The number of bankruptcies among youngsters is actually down, not up. This may seem shocking that bankruptcies for individuals over 55 is up 40% and for individuals over 75 - a whopping 433.3%!

Obviously something isn't right with this picture. Maybe it's time to consider a different approach to financial planning...

Consolidation of debt may be the first step...but it should not be the last. In fact, it might help if you didn't dig yourself into a hole in the first place.