Gingold & Gingold LLC - Atlanta Bankruptcy Attorneys
Getting a Fresh Start
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Atlanta Office Gingold & Gingold LLC 1718 Peachtree St NW #385
Atlanta, GA 30309

Phone: (404) 685-8800
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Atlanta location

Cumming Office Gingold & Gingold LLC 327 Dahlonega Street
Suite 1901A
Cumming, GA 30040

Phone: (770) 887-2979
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Cumming location

Dallas Office Gingold & Gingold LLC 201 W Memorial Dr
Dallas, GA 30132

Phone: (770) 443-1864
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Dallas location

Douglasville Office Gingold & Gingold LLC 12451 Veterans Memorial
Highway (formerly W. Broad
St. and Bankhead Hwy.)

Douglasville, GA 30134

Phone: (770) 920-1939
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Douglasville location

Will fewer credit cards lower risk of bankruptcy for young people?

Recently released data shows that younger people are being more mindful of their money and more wary of consumer debt. At the end of 2012, 16 percent of people aged 18 to 29 did not have a credit card in their wallet. A survey in 2007 showed that only eight percent of people in this age range did not have at least one credit card, indicating a reluctance towards consumer debt for the younger generation.

Experts have commented on the data, surmising that young people got rid of their credit cards during and after the recession as a result of seeing so many people suffer from overwhelming debt. People in this age bracket also have less credit card debt overall, meaning that those who do have credit cards may be using them more sparingly that older generations.

 

In fact, credit card debt is down by about 30 percent in the 18-29 year-old age group and credit scores have gotten higher as well.

In light of these trends, the more cautious approach to consumer debt may help young people stay out of financial hot water in the future. Credit card debt is easy to rack up and it often has a very high monthly interest rate, which makes it harder to pay back in full once a balance is overdue.

For those who do find themselves in trouble with mounting debt that they cannot pay, Chapter 13 bankruptcy is an option to restructure debt and to help get a fresh start.