However, more and more "middle class baby boomers" are going bankrupt.
"Baby boomers" are those born just after the end of the second world war when there was, not surprisingly, a surge in the birth rate.
These people have lived through a time of high prosperity, but have often financed their lifestyles using easily obtained credit. They have lived "too high on the hog."
Now that we have a worldwide recession, credit has all but dried up and many baby boomers have found they can no longer keep up the payments on loans taken out for houses, car purchases and to maintain their lifestyles.
These are the people who are likely to become bankrupt in the present climate.
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