Many consumers in Louisiana rely on credit cards for various types of purchases, including everything from groceries to paying for medical bills. While some are able to effectively manage their balances each month, others who have more significant balances and bigger payments may find themselves falling behind. Members of Generation X are particularly likely to struggle with credit card balances.

Gen X includes anyone born between the years of 1965 and 1980. This particular generation has suffered as a whole because of events that include recessions, job shortages and the housing crisis in 2008. As a result, these individuals are more likely than those in other generations to have more credit card debt. A study found that a person who is around 50 years old has an average of around $8,600.

This type of debt can quickly spiral out of control because it is easy to become trapped in a cycle of minimum balances and accumulating interest. Thanks to exorbitant interest rates and an inability to pay off the full amount owed each month, a person can be making payments and still never make a real dent in what he or she owes. For Gen X, this is particularly concerning as they near retirement age and may need additional medical care in the next stage of their lives.

Thankfully, there are ways to deal with credit card balances. One way is to make a budget that allows for more substantial payments that will actually help bring the balances down. Some Louisiana consumers may need to earn extra money they will allocate solely toward their debt. For some, however, the best way to deal with this particular type of debt is to file for Chapter 7 bankruptcy, a process that allows for the discharge of certain types of unsecured debt.