Which age groups are in more need of debt relief?

Struggling with debt is not a problem that is specific to one age group. Virtually every demographic is struggling with financial concerns that include credit card debt and medical bills, but each generation looks at their different types of debt in different ways. Some age groups may have a more significant need for debt relief than others.

Many Tennessee consumers buy things on credit. It is also common to have various types of personal loans, such as student loans. Statistics indicate that the average amount of personal debt Americans carry is around $90,000. Gen Z, which includes those ages 18 to 23 has the lowest amount of debt overall. However, their debt burdens are steadily increasing, up by 22% since 2015.

The millennial generation includes those aged 24 to 39. This generation tends to have debt from mortgages, credit cards and student loans. Financial experts expect that this age group will continue to accumulate credit card debt. Gen X, which includes those ages 40 to 55, have the most consumer debt than any other age bracket. They tend to have debt from car loans, credit cards, medical bills, student loans and more.

The amount of debt carried by these three generations illustrates why many are looking for debt relief. There are some options available to overwhelmed consumers in Tennessee, including filing for bankruptcy. This process allows applicants to discharge certain types of debt, including credit card debt, medical bills and more. An assessment of the individual financial situation will reveal if this is the right way forward and which chapter of bankruptcy may be best.