Different generations have different perspectives on debt. Consumers in Tennessee spend money and manage their finances because of deeply personal reasons, and for some, this means relying heavily on credit cards. As a result, credit card debt is a serious problem for some, particularly those in Gen X, which includes those individuals born between the years of 1965 and 1980.
Some believe this particular generation is a victim of various difficult financial and economic factors, such as an unstable job market, the housing crisis of the early 2000s and more. As a result, Generation X is also known as Generation Debt. Studies indicate that people around the age of 50 have credit card balances that amount to around $9,000. For many, this is more debt that a person can effectively manage.
There are certain things people in Gen X can do to regain control of their financial situation. One thing that can help a person get ahead is to make regular payments that are more than the minimum balance. This can help chip away at the overall amount owed, and following a smart budget can prevent these balances from continuing to grow while trying to pay them off.
There are times when these steps and others will not be enough to deal with credit card debt and other types of balances a Tennessee consumer may have. This is why consumer bankruptcy can be a smart option for some. This process allows individuals to gain protection from debt collectors and discharge certain balances, subsequently emerging to a better financial future.