Connecticut consumers of all ages and from all walks of life struggle with debt. However, there are certain groups that seem to have a harder time with debt management than others. According to Experian, people who are part of Generation X have more debt and lower credit scores than baby boomers or Millennials.
Men and women between the ages of 35 and 49 have an average mortgage debt of $231, 774. That is higher than any other age group. They also carry non-mortgage debt at an average of $30,334. The average credit score for adults in this age range is 658, lower than any other demographic. Very often, people in this age range still have children living at home and the associated costs.
Overall, credit scores are rising, and consumer confidence is at a healthy level. However, for those who are struggling to make ends meet every month, debt management is a real and pressing need. That is especially true in light of the risk of a job loss or sudden economic downturn. Having emergency savings and manageable debt is key to weathering an unexpected financial decline. Both of those goals are easier to achieve in times of economic strength and prosperity.
For those in Connecticut who are concerned over high levels of debt and credit issues, the best approach is to take a proactive stance. Contact an attorney who works in bankruptcy law, and ask about debt management services. Gaining control over current debt can be the first step in creating a base of financial stability. That’s true no matter what one’s age or demographic group.
Source: USA Today, “Which generation has the most debt and the worst credit scores? Hint: It’s not Millennials“, Paul Davidson, Jan. 11, 2018