On behalf of Law Offices of Mark M. Kratter, LLC on January 31, 2013
A new study found sobering statistics concerning credit card debt affecting younger generations across the country. Connecticut students and younger adults already in the workplace may find the trap of credit easy to fall into. Credit card debt can be difficult to shake, but for those whose debts far exceed their ability to pay, options such as bankruptcy protection can help them confront their debt in a responsible manner as they get back on their feet financially.
The study found higher amounts of debt for people born between 1980 and 1984. Their credit card debt averaged about $5000 more than the prior two generations. Researchers believe if the trend is ongoing, it could mean the practice of accruing debt could follow them into old age and beyond.
Data for this survey was gathered over the course of 15 years. Researchers believe the information means younger people tend to carry their debt with them, never making a concerted effort to fully pay everything off. The younger generations may tend to make only the minimum payment each month, often meaning they are only paying the interest on their cards and never making a significant dent in the amount they owe.
One young adult believes the problem may lie in how easy it is to obtain a credit card. The lure of using the card can be difficult to overcome because it can be easy to use when cash is not at hand. It becomes easy to swipe the card for convenience purchases, but credit card debt can quickly add up, eventually becoming too much to handle. If their debt load becomes too high, Connecticut young adults may find it difficult to meet their day-to-day expenses. This may be a good time to look at one's finances with a critical eye and decide whether bankruptcy protection may best suit their needs.
Source: wwlp.com, "Credit card debt high among young adults," Anaridis Rodriguez, Jan. 18, 2013
