' Baby Boomer Debt - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Baby-Boomers Getting Hit with Debt and Scary Statistics

Historically, it has been the younger generations that ranked in with the most debt on studies that calculate the data. As individuals grow up, take on a career and a paycheck, they learn how to spend and save. In some instances, mistakes are made that cost money. For many others, they want to learn from mistakes and plan ahead.

A lot of us say that we’ll never get into credit card debt. We say that we will put adequate funds in our savings accounts, retirement accounts, life insurance premiums and disability insurance. But guess what? Life gets in the way and suddenly we turn around and wonder how there is a several thousand dollar balance on our credit card bill. It can happen to any of us, and according to figures from research organizations; it is hitting the baby-boomer generation the most.

For those who have had an outstanding balance on their credit card bill for three months or more, that amount averages around $8,278. For some it was a medical illness, for others it was a child’s college education and for many others in this age range, it was a divorce that suddenly left them living a single-income life.

Those who find themselves in debt earlier in life have a longer time to recoup. For those in the baby-boomer generation, the debt comes at a harder time. Adding to this, it is a fearful “financial” time as predictions and concern is weighed over federal funding for programs such as Social Security, necessary to many.

Even with all of the bleak statistics, the other part of life and this generation is resilience. A fresh start through bankruptcy is sometimes the little bit of help that these individuals need.

Source:Fox Business, “Boomers Face Credit-Card Quandary as Economic Doldrums Bite,” Chris Taylor, Feb. 20, 2013

You can’t always do it on your own, but our Florida website provides individuals of any age with information about how to get rid of debt in bankruptcy and access to a powerful team of professionals who can help.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
Read More

What Happens When You File for Bankruptcy?

Contemplating bankruptcy is a significant decision that comes with many questions. If you're considering filing for bankruptcy, it's essential to...
Read More

Can I File for Bankruptcy If I Have a Job?

Many people considering bankruptcy are unemployed or know that unemployment is imminent. However, this isn’t always the case. In some...
Read More

Can Bankruptcy Stop Foreclosure?

Many people face the distressing prospect of foreclosure on their homes. If you find yourself in this situation, it's crucial...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions