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Different generations with different amounts of credit card debt

If you owe a lot of credit card debt, you know how difficult it can be to get ahead. These types of debts can quickly spiral out of control, and interest can quickly accumulate beyond your ability to keep up. Many people struggle with credit card debt, including consumers of all generations and age groups.

Credit card debt is not something that is unique to one generation; it can impact a consumer regardless of age and income level. Despite this fact, many people associate credit card debt and poor money management with younger generations, specifically millennials. However, statistics do not really prove that this assumption is accurate. 

Credit card spending per age group

It may surprise you to learn that statistics indicate that the generation with the most credit card debt is not actually millennials. In fact, millennials rank behind both Baby Boomers and Gen Xers in the amount of credit card debt they have. Only 56.7% of millennials carry a credit card balance, but 65.6% and 67.6% Baby Boomers and Gen Xers have credit card balances, respectively.

It is easy to see how a millennial could accumulate a significant amount of credit card debt. These individuals are likely to graduate college with student loan debt, and they may not be as savvy as older generations. They may also be unaware of how quickly and easily credit card balances can accumulate. 

Why do older generations spend more?

There are a few reasons why an older person may spend more using a credit card than a younger consumer. First of all, if you are in your 40s or 50s, you probably have kids and more financial obligations. You may be trying to put a child through college or deal with unexpected medical expenses. These things can be quite expensive, causing you to rely more heavily on your credit cards for daily expenses.

There is a way out

If you have more credit card debt than you can manage, there are options available. Through a bankruptcy filing, you can deal with certain types of debt once and for all. The discharge process will eliminate some unsecured debts, including credit card balances.

Filing for bankruptcy can be a reasonable option, regardless of your age or generation. You can explore this option by seeking an evaluation of your case from an experienced Florida bankruptcy attorney.

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