Debt: This Age Group Has More of It Than Any Other

Debt: This Age Group Has More of It Than Any Other

Money, money, money — it is something everyone needs and some find they have in short supply. Illinois residents who lack funds to meet their financial obligations generally end up going into debt just to pay to live. According to a recent article, one particular age group struggles with debt more than any other age group. Who would that be?

Those who belong to Generation X are said to have more debt than baby boomers or millennials, and it is not just debt in general; rather, it is nonmortgage debt. Gen Xers — those between the ages of 36 to 51 — have, on average, $30,334 in debt outside of what they may owe on their homes. That is a significant chunk of change.

Why is this age group struggling so much? Some individuals have children at home that they are still trying to raise. Some individuals are helping their adult children with school payments or just in general. Some are struggling with medical issues and have medical debt piling up. Finally, some individuals are trying to support their aging parents — among a variety of other things.

It is not that this age group is fiscally irresponsible, they just have a lot going on and their paychecks just are not enough to cover everything. Illinois residents who find themselves struggling, whether they are Gen Xers or in any other age group may have debt relief options that they can utilize to improve their situations. An experienced bankruptcy attorney can review the details of one’s financial situation and help one pursue the relief option that makes the most sense.

Categories

Family-Focused Advocates

Meet Your Attorneys
/

Why Clients Choose Us

  • Family-Run Firm
  • Free Consultations
  • 20+ Years of Legal Experience
  • No Pressure to Sign at Initial Intake

Awards & Memberships

Client Testimonials

Hear stories from the clients we have worked with in the past that we still consider family.
  • “I am extremely pleased with the service they provided: from giving me advice on how to prepare, to working with creditors, and finally to handling the legal aspects of the bankruptcy itself. They took ...”

    - Mike
  • “Deciding to file bankruptcy and going through the process of foreclosure on our home was not something my husband and I ever thought we would have to do. On our initial visit with John, he explained ...”

    - Anonymous Client
  • “This extra special note sent to you today holds more appreciation than any words can say. Over 30 years ago, I found myself in a career helping others in need. I never expected to be in need myself ...”

    - Mrs. J.
  • “Just a note to say thank you for the legal advice you gave me last week. Before I came to see you, I was scared to face my problems, but today I opened a checking account and will go to the Social ...”

    - Mrs. K.
  • “Roseanne is the best. My husband and I went with a cheap bankruptcy attorney to save money. BIG mistake. We ended up with an adversary hearing that our bankruptcy attorney couldn’t handle. So after ...”

    - Anonymous Client
/

Take That First Step With Us

Schedule a Free Consultation
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.