Bryan P. Keenan & Associates, P.C.
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Bryan P. Keenan

Survey shows young people continue to have problems with debt

Many people in various age groups are experiencing problems with credit card debt for a variety of reasons. Frequently mentioned in these discussions are millennials. While these individuals need help getting on stronger financial ground, the strategies used to achieve this goal are universal, regardless of the circumstances. Legal advice can be beneficial to clear debt.

In a recent survey, 51.5% of people who took part stated that they had credit card debt. Of the participants, 54% told the researchers they owed less than $5,000 in credit card debt. The rest owed more than $5,000, with 9% owing between $10,000 and $20,000; 4.5% owing $20,000 to $30,000; and 4.5% owing over $30,000.

Of the people surveyed who owed between $5,000 and $20,000, more than 80% said they were stressed about it. There has been a steady rise in the costs of housing and college tuition, however, income rates have not kept pace.

When debt of any kind has reached a critical point, people might not know what to do. While bankruptcy is often viewed as a last resort, it is important to understand that it is a legal strategy that clears certain debts and allows the filer to move forward. Whether it is a Chapter 7 or Chapter 13 bankruptcy, credit card debt can be cleared completely or folded into a reasonable payment plan. A law firm experienced in helping clients get out of credit card debt can explain how to move forward with a filing and what the benefits are.

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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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