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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Credit Card Debt is Hitting Baby Boomers Hard

[fa icon="clock-o"] March 22, 2013 [fa icon="user"] Scura Law Firm [fa icon="folder-open'] Debt Management

woman_paying_with_credit_cardBaby Boomer Debt Management in New Jersey

Baby Boomers have long found themselves in an interesting middle-ground of life. Their parents lived longer than the generation before and their kids and grandkids have grown up during a time when earning a college degree is expected rather than an exception. The financial Chinese finger-trap of paying for the care of aging parents and the education of the next generation has left many boomers strapped.

In particular, many boomers have found that their credit card debt balances have skyrocketed since the economic downturn began in 2008.

Troublesome Debt Patterns

In order to get by, more and more boomers have turned to swiping their plastic for everyday expenses as well as big-ticket items. According to Demos, more than half of Americans over the age of 50 now use plastic to pay for everyday necessary items like groceries and prescription medications. Slowly, this debt has become insurmountable for many.

>>Contact an Attorney for Help with Debt Management in New Jersey

At certain points on one's financial journey, debt consolidation and other measures designed to keep debt manageable are viable options. However, many boomers have discovered that their credit card debt is threatening their ability to retire and to take care of their loved ones. This is the point at which many have considered and opted into filing personal bankruptcy.

Since the 2008 economic downturn, the stigma attached to personal bankruptcy has virtually vanished. The nation as a whole now understands that even the most fiscally responsible individuals can experience hard times and can require a fresh start in order to live their future financial lives in continuously responsible ways. Many boomers are currently learning this fact through personal experience.

If you need help with debt management in New Jersey, contact us today.

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