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Study shows generational differences regarding overwhelming debt

Each generation has its own quirks and characteristics which are unique to that particular generation. Recently, researchers released a study showing the differences in credit card debt between four different age groups. The study revealed that some generations fare better than others in avoiding overwhelming debt from credit cards in Texas and other states.

The credit reporting firm, Experian, recently released statistics from post-recession data focusing on the generational differences in credit card debt. The study showed that baby boomers are more reliant on credit compared to other generations. However, Millennials apparently have the poorer money management skills.

Those 66 years and older, otherwise known as the Greatest Generation, have on average the highest credit rating as well as the lowest amount of debt. They also have the lowest usage of revolving debt at 16 percent. Baby Boomers have the highest average among of credit card debt as well as the highest number of credit card accounts on average. However, Baby Boomers seem to be able to manage their debts better than Generation X and Millennials, according to the average credit rating scores.

No matter what generation consumers may belong to, they may still suffer various types of economic catastrophes and find themselves facing overwhelming debt from credit cards in Texas or in any other state. Although this may cause them many financial hardships, those facing this type of debt do have several different options available in order to deal with this issue. One option is to file a petition for Chapter 7 bankruptcy, which can potentially discharge unsecured debt, including credit card debt.

Source: DailyFinance, Credit's Generation Gap: How's Your Age Group Doing on Debt?, Michele Lerner, Jan. 29, 2014

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