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Debt is a problem for Americans of all ages

It is an erroneous assumption that the only people who go into debt are those who are careless with their money or frivolous in their spending. Tennessee residents may believe that young men and women are more likely to go into debt because they do not have the life experiences to teach them to save for the future. A recent national study of debt shows that this belief is a fallacy and that debt is a problem for Americans of all ages and social demographics.

Ramsey Solutions recently undertook an examination of individual debt patterns for people from different generations. The study focused on adults who fall into the Millennial, Generation X and Baby Boomer generations. Overall, individuals from all three generations have student loan debt and credit card debt, and each generation had in common fears about not having enough money to retire or handle large unexpected costs.

The study also found a pattern in debt that related to household income. Generally, the more income a household carried the more debt it also carried. One anomaly existed in this trend, though, as households with incomes between $75,000 and $99,000 had the most average debt of all income brackets.

What this study should tell readers of this blog is that no age group or financial bracket is immune from the crippling and overwhelming problems that accompany debt. While not all debts are insurmountable burdens, readers should be aware that help is available when debt becomes a problem. Debt relief and bankruptcy attorneys can provide guidance on debt solutions for their clients.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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