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.