608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
Younger generations and credit card debt
Most Tennessee consumers have credit cards, and many of them are able to pay them off at the end of each month. Each generation has a different approach to financial security and making prudent money decisions, and some of the younger generations are carrying a significant amount of credit card debt. Statistics indicate that Generation Z tends to rely heavily on purchasing things on credit, yet they are often only able to make minimum payments or less each month.
The first of Generation Z, which includes anyone born after 1995, is entering young adulthood. A look at spending trends show that the number of people who belong in this specific generational demographic who are actively spending on credit cards and taking on debt is steadily rising. At this point, they are on track to outpace both millennials and Generation X in terms of credit card debt.
A closer look reveals that Generation Z is handling their debt about as well as the previous generations. Like some of the previous generations, they also have student loan debt, and many are also carrying medical debt. Generation Z grew up during the last Great Recession, and it remains to be seen how this will affect their long-term debt and credit management. They are expected to continue to accumulate credit card debt.
When a Tennessee reader is unable to manage his or her credit card debt, that person may want to consider the benefits of bankruptcy. Through this process, a consumer can deal with certain types of debt once and for all. An assessment of the individual case can help a person see if this is a prudent choice for their individual situation.
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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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