Carrying debt is pretty common in the United States. It appears it is especially common though among one particular generation: Gen X. Currently, the rough age range for Gen X is 36 to 51.
A recent Lightstream report looked at survey data covering different generations. Of the Gen X-ers surveyed, 80 percent reported having debt. This was the highest percentage of any of the generations the report looked at.
The report also looked at 2017 statistics on the average debt loads of the different generations. The average debt load (not including mortgages) for Gen X-ers was $30,000. Again, this was higher than all other generations.
So, it appears that high debt is something many Gen X-ers are facing. This, along with other financial pressures they can encounter, could leave some Gen X-ers worried about their financial future. The survey data in the report suggests that many people in this generation are fairly pessimistic about the prospects for getting clear of high debt. Nearly a quarter of the surveyed Gen X-ers said that paying off major debt was “nearly impossible.”
When a person in any generation is facing high debt, is important for him or her to remember that debt troubles aren’t hopeless situations. There are methods out there for reducing and eliminating debt loads. For example, personal bankruptcy can sometimes help a person get out from under heavy debt.
People facing heavy debt can go to skilled bankruptcy attorneys for guidance on what options they could pursue and which would be most likely to help them with preserving their goals for the future.