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Study finds many millennials have credit card debt

While some Texas millennials might be burdened by student loans, far more are likely to carry credit card debt. According to a report from CompareCards.com, only 37% of millennials around the country said they had student loan debt compared to 67% who had credit card debt.

The majority of people were not debt-free in any generation although baby boomers had the highest rate of being debt-free at 29%. Only 11% of Gen Xers and 13% of millennials said they were debt-free. Furthermore, around one-quarter of all credit card holders said they expected to die owing money. This was true of more women than men, 25% compared to 19%. Of those who did anticipate getting out of debt at some point, millennials thought it would happen by the time they were 49. Gen Xers expected that they would be debt-free by the age of 67, and baby boomers expected to be debt-free by the age of 81.

Having children seemed to make it more likely that people would go into debt. Among credit card holders who had children under 18, just 7% were debt-free. For credit card holders who had older children or no children, the rate was 20%. Most people who had credit card debt also had other types of debt.

In some cases, debt may become overwhelming, and people might struggle to pay their bills. People who are in this situation might want to consult an attorney about options for debt relief. This might include bankruptcy. Many people might worry about filing for bankruptcy because of its effect on their credit score, but this is also true of unpaid debt. People can begin rebuilding credit after a bankruptcy filing is complete.

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