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.