Which generation holds the most debt? While some people in Connecticut may think they have the answer, the reality of debt in America may be surprising to most. Generation X currently leads the list. However, debt is not isolated to this demographic alone, and virtually anyone of any age could find themselves in need of debt relief through personal bankruptcy.
A study from Ramsey Solutions found that 72 percent of consumers in the United States have at least one form of debt. Of the 66 percent of individuals who have consumer debt, the per person average comes out to about $34,055. For many consumers, credit card debt appears to be particularly problematic.
Among Gen X consumers, 59 percent have credit card debt, compared with 50 percent of millennials and 46 percent of baby boomers. Gen X also leads the way when it comes to student loans, reporting an average of $48,639 per debtor. Perhaps surprisingly to some, baby boomers are a narrow second, reporting an average student loan debt of only $20 less than their younger counterparts. Millennials are actually faring the best on student loans right now with an average of $35,992.
Debt is a multi-generational problem that is not strictly confined to only one or two groups of people. Understanding this may help some Connecticut residents who are struggling to come to terms with the insurmountable nature of their growing debts. When paying back creditors becomes an impossible task, personal bankruptcy can provide much-needed debt relief and set individuals back on a path toward renewed financial security.