608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
Which generation has the lowest amount of credit card debt?
People of all ages in Tennessee experience money problems from time to time. This is not something that is unique to millennials or people just out of college. Whether young or old, people can experience real and pressing financial concerns by holding credit card debt. While the perception may be that younger people are not as good with their money as other generations, that may not be the case when it comes to credit cards.
Surprisingly, millennials actually have the lowest amount of credit card debt than other generations. Interestingly, the percentage of people in this generation who have this type of debt is lower than both the Baby Boomer and Gen X demographics. Studies show that just over 56% of milliennals carry a balance on their credit cards, while Baby Boomers and Gen Xers are just over 65% and 67%, respectively.
There are a few reasons for the different rates of credit card debt from generation to generation. First, Tennessee readers must consider the fact that older generations have more money, and more money typically generates higher spending. Secondly, older generations may rely more heavily on their credit cards because many are raising kids or putting kids through college, both of which are expensive.
Regardless of why a person has credit card debt, he or she would be wise to think about how to deal with it effectively. In cases where a consumer can no longer manage his or her balances, it may be appropriate for that person to consider the benefits of bankruptcy. This can allow an overwhelmed individual to deal with certain types of balances once and for all.
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608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
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