Just about everyone needs to borrow money at some point in their life. Whether it is taking a loan out for a car, school, mortgage or utilizing credit for various other expenses, most people carry debt that they hope to pay off eventually. Unfortunately, many individuals in Tennessee and elsewhere end up paying on that debt far longer than they hope to, which only hurts them in the long run. Which age group in the United States carries the most consumer debt?
According to a recently published article, over $4 trillion in personal debt. One might think most of that goes to housing, but the truth is, less than one-third of that is mortgage debt. The rest is a combination of credit card debt, auto loans, personal loans, student debt and home equity lines of credit.
Which group has the most debt? Right now, it appears that Generation X, individuals between the age of 40 and 55, carry the most debt. In 2019, the average amount of debt held by people in this age group was $135,841. These individuals tend to take out bigger car loans, have larger credit card balances, use more on their HELOCS and still have a large amount in student loans they need to pay off — among other things.
Something that may explain this; many Generation Xers have minor kids living at home or children going off to college. Raising children is not easy, nor is it easy on one’s pocketbook. So, of course, it makes sense that individuals in this age group might need to access more credit to meet their familial needs.
In all reality, it doesn’t really matter which age group one is in when drowning in debt. Individuals from Generation Z to the Silent Generation all carry , and all are in danger of digging themselves into holes they cannot get out of. No matter one’s age, Tennessee residents who find themselves in precarious financial situations can turn to legal counsel for help pursuing relief, whether that be through bankruptcy or other forms of financial assistance.