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Generations differ when it comes to prioritizing debt relief

It is common for people in Louisiana and elsewhere to have a considerable amount of debt. Though most people would love to be debt free, this goal is not always easy to achieve. For some parties, debt relief may be a top priority, but reaching other financial goals may be more appealing to others.

It was recently reported that individuals in the millennial generation give paying off debt a lower priority than saving for milestones, like buying a home. A survey indicated that 54 percent of participants in the millennial generation prioritized saving for a major milestone over paying off their outstanding debt. It was also reported that millennials who have debt carry an average of $36,000 per person.

This number is close to those of the baby boomer generation who have an average of $39,000 per person and Generation Xers who each have an average of $36,000. However, the individuals in these older generations give paying off their debt the top spot when it comes to financial priorities. According to the survey, 53 percent of baby boomers and 55 percent of Gen Xers consider debt repayment their top priority.

Wanting to pay off debt is an admirable goal. However, if individuals put other goals in front of debt relief, they may find their financial situations worsening. In some cases, that may lead Louisiana residents of any generation needing assistance through means like bankruptcy in order to get their affairs back on track. If parties reach this point, they may want to gain information on their relief options.

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Richoux Law Firm, L.L.C.
110 E. Kaliste Saloom Road
Suite 205
Lafayette, LA 70508

Toll Free: 888-327-5740
Phone: 337-205-7049
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