A recent post here described some of the credit card hurdles that recent college graduates may have to address as they head out into the world on their own for the first time. Some people may automatically assume that younger people, like recent college graduates, may be the most prone to running into significant credit card issues, such as credit card debt. But, are younger people really the age group that carries the highest amount of credit card debt?
In fact, that doesn't appear to be the case. Recent data is pointing to another age group altogether: people in the range of 45-years-old to 54-years-old. The data indicates that individuals in this age range typically have credit card debt of approximately $9,000, which is significantly higher than those in younger age groups.
But, is carrying a high amount of credit card debt always a problem? Well, it can be. For starters, carrying over a balance on a credit card each month means that the cardholder is probably paying very high amounts of interest charges. That may not be too much of a problem for a few months, but after a while these interest charges can add up, and the overall balance on the credit card may become a burden that is too much to bear.
Fortunately, those who find themselves carrying a significantly high amount of credit card debt may be able to pursue a discharge of that debt by filing for bankruptcy. When the minimum payments are harder to make each month, Escondido residents will likely begin to look for options. Bankruptcy could be a useful one.
Source: foxbusiness.com, "Americans Aged 45-54 Have Highest Credit Card Debts," Shaun Plum, June 6, 2016