Generations ago, consumers across the country simply did not carry as much credit card debt. However, now those in their late 20s to early 30s have credit card debt reaching well into the thousands. Add this to the issues surrounding student loan debt and it is no wonder many are feeling overwhelmed and wondering if they will ever catch up financially.
A recent study looking at credit card debt found that those born between 1980 and 1984 carry roughly $5,700 more in credit card debt than their parents did. In terms of what their grandparents carried, those in their late 20s to early 30s have about $8,150 more in credit card debt.
So just what is the problem? Why are people carrying more debt?
Some say the issue is that younger people today tend to charge things they want, not necessarily need. They are also not as quick to pay off purchases, in some cases not even realizing that credit card debt is something that is eventually supposed to be totally paid off.
Of course, these are just some theories and certainly not the only reasons why. For example, with a tough economy, it is quite possible that many have excessive debt due to not being able to find a job after college or being laid off quickly after starting. Others may have had unexpected medical emergencies, or troubles with their first mortgage.
Whatever the reason, those in Florida struggling with mounting credit card debt should know there may be a solution and that an attorney with experience handling debt relief can explain those different options.
Source: NBC 7 San Diego, "Young Borrowers Buried in Debt," Consumer Bob, Jan. 24, 2013