Not all credit card holders are the same, and neither are the struggles of those who use credit cards. Credit card debt can be financially debilitating for any Florida resident, as the recession once proved. However, the use of credit cards and management of credit card debt varies from generation to generation.
A recent study outlined the differences pertaining to credit cards based on age. There were three groups included in the poll. The groups were the generation known as the Millennials, Generation X and Y and the Baby Boomers.
When it came to the youngest, the Millennials, this group was conservative with the number of cards, with only 1 or 2, and it also paid them on time when compared to Generation X and Y. This middle generation was noted as being the worst with credit card debt and not typically paying off the balance each month. The Baby Boomers had the most cards of the three generations, but they were noted as being the savviest and also having the highest percentage of people paying off balances each month.
The realities of credit card debt can be difficult for many to manage. Knowing how one person is handling his or her credit card debt compared to others the same age may help that person gauge their level of financially stability. When someone in Florida is struggling to gain control of debt or is unable to judge how he or she is handling it in general, seeking legal help and exploring options like bankruptcy may be necessary and even beneficial.
Source: The Huffington Post, “Generation Gap: How Your Age Affects How You Use Credit Cards“, Oct. 24, 2014