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It is no surprise that different generations have different ways of dealing with things. This is true whether it be regarding relationships or even money. According to a recent study, individuals who were born in the four year period beginning in 1980, like to use their credit cards more than other demographics. In some cases the difference is more than $8,000. The study was conducted utilizing information provided by Capitol One. It included information from a 12 year period beginning in 1997.

Readers may be thinking, “So what?” In today’s society credit cards are a way of life for many and even those who do not regularly use these cards tend to carry at least one in case of any emergency. Experts point out there are at least a couple of reasons why consumers might want to keep the debt accumulated on a credit card in check.

The first reason has to do with maintaining good health. Avoiding the stress that often accompanies massive debt is a good way to stay healthy. The second reason takes into consideration the bigger picture. In order for the economy to make a meaningful comeback, all need to reduce their debt.

Getting back to the demographic carrying the greatest amount of debt, many people are likely familiar with one of the suspected reasons behind the greater amount of debt– shopping on the internet. Experts point to the ease of being able to engage in this activity without having to expend the time and energy associated with getting to a store with making it easier for credit card debt to accumulate.

Inevitably people of all ages will find themselves in over their heads in debt. When this happens it is important that consumers realize that they do not have to maintain that debt when it becomes too much to bear. A bankruptcy attorney can likely help determine the best way to proceed.

Source: Huffington Post, “Credit Card Debt: Study Predicts Millions Will Die In The Red,” Laura Rowley, Jan. 22, 2013

  • The decision to file for bankruptcy should not be taken lightly. We provide counsel in these types of matters. If you would like to learn more about our practice, please visit our Miami bankruptcy page.