The acceptance of debt as commonplace in everyday life seems to be a new reality for many Texas residents. According to recent studies, individual debt continues to rise among nearly every age group in the country. An analysis of what kind of debt and how much debt is being acquired by different age groups paints a revealing picture.
Some financial experts have claimed that not all types of debt are equal. While it may be a stretch to categorize any debt as “good,” there are without doubt better reasons to acquire certain debts than others. Mortgage debt, for instance, is often quite acceptable for most property owners. In addition, student loans can be the pathway to a higher paying career but often come with a steep price. However, student loans also comprise the largest single category of debt in the country, recently passing mortgage debt for No. 1 on the list.
By age group, the amount of debt for the 18-29 demographic group is roughly the same as the debt held by the 70-plus group. It’s not surprising that the 40-49 and the 50-59 groups have the highest amount of debt. After all, they are in their prime earning/spending years. What is surprising is that both the youngest and oldest age categories each have in excess of $1 trillion in debt.
Many people become overwhelmed by debt with no way out. For example, a health care crisis or job loss could significantly eat away at funds. An experienced bankruptcy lawyer can help determine if a Chapter 13 bankruptcy restructure can help right the ship.