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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Credit card debt drops for young people

The recession has led many Americans to reconsider their spending habits according to a recent study. South Carolina residents already understand the potential dangers of relying too heavily on a credit card and accruing frustrating credit card debt, and it seems many young people are getting the hint as well. The study suggests that fewer young people than ever before are taking the credit route.

New research indicates the number of young Americans carrying credit card debt has dropped by half in recent years. Back in 2007, only 8 percent of people between the ages of 18 and 29 had no credit cards. Now, the study says, that number is up to 16 percent.

This has contributed to a general drop in credit card debt carried by people of this demographic. In fact, the average amount of debt carried has dropped by about one third -- from $3,073 to $2,087 over the last five years. Some experts believe this can be at least partly attributed to young people watching the dire financial straits that befell their parents' generation when the recession hit, and expressing a desire to stay out of similar situations by opting for debit cards instead of high-interest credit cards.

A strong understanding of financial acumen can make the difference between a solid budget and a struggling one. For many young people in South Carolina and elsewhere, the decision to eschew plastic in order to avoid credit card debt is a smart one, but for others the decision might not be so easy. Thankfully, for those already in debt, a number of options are available to help put them back on the right track, including debt restructuring and bankruptcy filing.

Source: Forbes, "This Week In Credit Card News: Young Adults Ditch Cards, Effects Of Bad Credit Report," Bill Hardekopf, June 24, 2013

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Florence, SC 29501

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