A LightStream Survey conducted by the Harris Poll showed that those in Generation X (ages 36 to 51) carry an average nonmortgage debt load of $30,334 — the highest of any other generation. Boomers (ages 52 to 70) have the second-highest amount of debt with $27,513, followed by Millennials ($22,784) and Generation Z ($6,983).
The survey also found that Generation Xers have the highest percentage of people in their generation who carry debt, at 80%. Seventy-five percent of Millennials (ages 20-35) and 69% of Boomers are currently in debt. In gauging Generation X’s attitudes toward debt, 25% said they are not confident in the way they handle their debt, and 22% said there is virtually no way to get out of debt. Although 59% of Generation Xers surveyed believe debt consolidation can help in reducing or eliminating debt, half of them said they never considered refinancing using a debt consolidation loan.
An article from Motley Fool expounded on the survey results, including what Gen-Xers are doing to improve their finances. Over 40% said they would give up shopping or attending sporting events for five years if that meant no longer having to pay off their debt.
“Dipping into savings or cashing out investments are certainly options to reduce debt,” LightStream Senior Vice President Todd Nelson said in a statement. “But this may be difficult, particularly for Gen Xers. They’re often financially stretched. They’re juggling to help their adult children and support aging parents, while also trying to save for emergencies and retirement. That’s where debt consolidation can be a smart strategy, especially for Gen Xers with good credit.”
Generation Xers and others in their situation may find it difficult to resort to debt consolidation or loans if they do not have the money to pay off these loans. Another option to consider is bankruptcy, which can be a difficult and strenuous process. If you are facing bankruptcy, it is best to contact an experienced New Jersey bankruptcy attorney to discuss your options.
The Law Offices of Hunziker, Jones & Sweeney is experienced in helping families and individuals deal with the devastating effects of financial distress and in mapping out potential strategies, including the possibility of filing for bankruptcy, to help them cope and to see the light at the end of the tunnel. The attorneys at the firm understand that financial distress is an extremely emotional and difficult time for anyone to go through. If you are experiencing severe financial distress and may be considering bankruptcy as an option or want to learn more about what a bankruptcy filing may do to help you, call The Law Offices of Hunziker, Jones & Sweeney at (973) 256-0456 or fill out our contact form for a consultation.