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Bryan P. Keenan

Credit card debt is a growing concern for younger adults

In Pennsylvania and across the United States, credit card debt, student loans and other financial concerns are gaining greater attention. People are seeking strategies to get back on stronger financial ground as researchers examine the cause and effect of these financial factors. While recent studies and stories have centered on millennials and their debt woes, Generation Z was found to have problems of its own despite being a few years behind their older counterparts. Regardless of the age range of the debtor, credit card debt is a worrying problem and legal assistance might be useful to get it under control.

As millennials owe nearly $28,000 in debt, Gen Z -- whose maximum age is 22 -- are in debt for just shy of $15,000. The study was conducted by Northwestern Mutual. An advisor for the company states that this is now a normal part of life. People who complete their schooling and have yet to begin work are already in debt. This is a radical change from three decades ago.

Predominately, credit card debt is what is weighing them down. A separate poll conducted by CreditCards.com indicated that 40 percent of millennials explained their reasons for carrying credit card debt. Most are due to basic needs that cannot be covered by paying for them immediately.

There is a certain amount of guilt felt by these debtors. For millennials, 45 percent feel uneasy about what they owe. Gen Z came in at 43 percent. One in five of those who took part in the poll said their debt was impacting them physically and making them sick.

The debt problem has gradually worsened with generational changes. Comparatively, Baby Boomers owed far less nearly four decades ago than millennials and Gen Xers do now. Overall, the average debt is nearly $30,000 regardless of the generational categorization. People living on credit and trying to make ends meet can be viewed as part of the reason.

While some can dance through the raindrops and keep current with their payments, others are not so fortunate. Running into trouble with debt is a common issue today and with the chance of a recession growing increasingly likely, the situation for many will get worse. Although most might not think it is a viable solution, bankruptcy is a useful option to clear credit card debt and move forward.

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Bryan P. Keenan & Associates, P.C.

993 Greentree Road
Suite 101
Pittsburgh, PA 15220

Phone: 412-923-4941
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