For a long while, statistics have shown millennials and those from Generation Z to be better at staying out of debt than Gen Xers or baby boomers. According to a recent report, that does not seem to be the case any longer. Younger adults in Michigan and elsewhere are now said to be having a serious issue with credit card debt. For these individuals, bankruptcy law may be able to help their situations.
Those who are between the ages of 18 and 29 have, for several years, been called the “We don’t own generation.” They were less likely to take on debt because of being raised during the Great Recession. They did not want to have the same financial struggles as their parents. What has changed?
Some individuals in this age group are persuaded to obtain credit cards in order to benefit from the various incentives offered by credit card companies while others do it out of financial need. Only 40% of young adults pay their balances in full every month and do end up benefiting from the bonus offers attached to their cards. The other 60% only seem to find themselves racking up more debt thanks to the added interest that comes with carrying a balance.
When credit card debt starts to pile up, it can feel impossible to get on top of it. Michigan residents who feel that they cannot get this form of debt under control can seek help in order to do so. An experienced bankruptcy law attorney can analyze one’s financial situation and offer real solutions that may provide the debt relief one desires.