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Baby boomers and credit card debt

Generations differ from one another in many ways. This includes in their debt habits, like how much in credit card debt they typically have. How do baby boomers compare to other age groups when it comes to this type of debt?

A recent survey suggests that around a third of baby boomers who are between 55 and 64 have a credit card balance. It further found that the median amount of credit card debt for this age group was $3,000.

This put baby boomers above all but one of the other age groups the survey looked at when it came to median credit card debt amount. The only age group that saw a higher median was younger gen-Xers (individuals ages 35 to 44), who had a median of $4,000. Meanwhile the medians for individuals 65 and older, older gen-Xers, older millennials and younger millennials were $1,600, $2,000, $2,000 and $587 respectively.

As this underscores, it is not uncommon for baby boomers to be carrying a fair amount in credit card debt. There are many concerns a baby boomer may have when they have a large amount of such debt. Given that many in this age group are nearing retirement, one such concern is how the debt will impact their ability to save up for their retirement.

Retirement concerns can also be on the front of a baby boomer's mind when they are trying to decide how to address a debt load, such as a credit card debt load, that has become overwhelming. They may wonder how the different debt relief measures out there, like pursuing bankruptcy, would impact their overall situation regarding retirement. Bankruptcy lawyers can advise baby boomers dealing with high amounts of credit card debt on whether addressing the debt through bankruptcy, such as a Chapter 7 bankruptcy, would be consistent with their retirement goals.

Source: Money, "This Generation Has the Most Credit Card Debt," Cameron Huddleston, Oct. 24, 2016

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