Money problems affect adults of all ages. Sometimes, no matter what one does, debt just cannot be overcome without a little help. Currently, Gen Xers in Michigan and across the country are said to have the most nonmortgage debt than any other age group. Bankruptcy law may be able to help individuals in this age group regain control of their financial situations.
According to a recent report, it is estimated that eight out of every 10 Generation X members — individuals between the ages of 36 and 51 — have 75 percent more nonmortgage debt than millennials and 69 percent more nonmortgage debt than baby boomers. The average amount of debt held by Gen Xers is $30,334. If this debt is on credit cards or high interest accounts, that amount could easily double if one only pays the bare minimum every month.
Where is this debt coming from? Many people assume that people in debt are just not responsible with their money, but this is far from the truth. Gen Xers have a lot on their plates. They are assisting their aging parents while raising their own children or helping their adult children survive. They are dealing with their own medical and employment issues, which certainly does not help their financial situations.
Michigan residents who feel that they are drowning in debt and feel that they have no way to dig themselves out may actually have debt relief options open to them. Bankruptcy is just one of those options. A bankruptcy law attorney will have the ability to take a good look at one’s economic situation and help one take the steps necessary to improve it.