Many Louisiana consumers rely on credit cards for everyday purchases, while others may need to pay with a card for unexpected expenses, such as car repairs or medical bills. Having credit card debt is common, but there are significant differences in the ways different demographics confront their debt burden. Each generation has a different perspective on their financial decisions.
Millennials have the highest average of personal debt of all the age brackets. Their debt burden continues to grow, as it is up by almost 60% over the last five years. In addition to credit card debt, they may also have mortgage debt and student loan debt, and these obligations may make it difficult to juggle their various payments each month.
Generation X includes those ages 40 to 55, and they have the highest amount of total consumer debt compared to other generations. This includes credit card balances, but also includes medical bills, mortgages, auto loans and other types of personal loans. Baby boomers, comprised of individuals age 56 to 74, have actually seen a decrease in their overall consumer debt total debt over the last few years.
When a Louisiana consumer has more credit card debt or other types of consumer debt than he or she can manage each month, there are legal options available. Filing for bankruptcy is a responsible way to deal with various types of consumer debt, including medical bills, personal loans and more. An assessment of an individual’s financial situation will reveal whether proceeding with a bankruptcy filing makes the most sense.