' 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

Is Alimony Dischargeable in Bankruptcy?

One of the biggest concerns that people have when considering bankruptcy is the effect on their financial obligations, including spousal...
Read More

Should You File Bankruptcy Before or After Divorce?

Marriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy....
Read More

What’s Better Bankruptcy or Debt Settlement?

The idea of being trapped in debt can be overwhelming and all-consuming. Financial struggles can happen to anyone through no...
Read More

Can I Keep One Credit Card During Bankruptcy?

The decision to file for bankruptcy is never easy. People considering this option often struggle with financial stress, debts, and...
Read More

How Does Inflation Affect Credit Card Debt?

Credit card debt can be overwhelming. This is especially true during times of inflation. What is Inflation? Inflation is a...
Read More

Can Personal Bankruptcy Affect My Business?

If you’re a business owner considering filing for bankruptcy, it’s important to understand how this decision impacts your business. From...
Read More

Can You File Bankruptcy with Money in the Bank?

Bankruptcy is a serious decision and has major consequences on your credit as well as your overall financial situation. If...
Read More

Will Declaring Bankruptcy Affect My Spouse?

Are you considering declaring bankruptcy? Are you married? If so, you may be wondering how it will affect your spouse....
Read More

Will Filing Bankruptcy Stop Foreclosure?

Many people facing foreclosure wonder if filing for bankruptcy will help them avoid the loss of their homes. While filing...
Read More

What Causes Someone to File Bankruptcy?

People file for bankruptcy for a variety of reasons. It’s an important decision to make and one that should not...
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