Issues with debt can affect all age groups

| Nov 19, 2020 | consumer bankruptcy | 0 comments

Financial challenges can stem from a variety of circumstances and can affect virtually anyone, regardless of age. While the types of financial strain that affect each age group may differ in some regard, some forms of debt continue to remain a concern across the board. Although individuals in Kentucky within each of these groups may experience the trials of debt at some point in life, studies indicate that one certain age group carries higher levels of debt on average.

According to recent reports, individuals who fall under the classification of Generation X carry the highest average debt levels of all age groups. Those within this group carry an average of just over $30,000 in non-mortgage debt. In addition, this group carries the highest average in both revolving credit card and retail store credit card balances.

However, that is not to say similar issues are less imposing for other age groups. Reports also indicate that Millennials carry just over $27,000 in non-mortgage debts, while numbers for baby boomers sit at just under $26,000. Those who experience extended periods of financial struggle at any stage in life may find that taking steps to address the situation could be vital to protecting their futures, but they might not fully understand all their options.

Debt can come in various forms and similar concerns can pose a significant threat to the financial futures of those of all age groups. Individuals in Kentucky who encounter such concerns and wish to know more about each of their available options for relief could benefit from obtaining legal counsel for advice. An attorney can evaluate a client’s situation and work toward assisting him or her in creating a strategy with which to seek debt relief through the proper channels.