Credit card debt is a scary factor in the lives of many people all across the country. But is it the scariest thing you can think of? According to a new survey done by the website Credible, people aged 18 to 34 who carry credit card debt see their debt as the scariest part of their daily lives. It ranked higher than climate change, the threat of war, and even dying. That's an eye-opening realization about how younger generations see credit card debt.
With Americans holding more than $1 trillion in debt and the average debt of the survey's respondents at $5,290, it is clear that there are serious problems with credit card debt in this country. But the incredible reveal here -- that credit card debt scares younger generations more than anything -- leads us to believe that bankruptcy still carries such a negative reputation that people feel as though it isn't a viable strategy to deal with debt.
While avoiding debt in the first place is best outcome, sometimes debt mounts up unexpectedly, or an emergency cost changes how we deal with our finances. In these circumstances, sometimes it is best to utilize a Chapter 7 or Chapter 13 bankruptcy to give you a helping hand with that debt.
The process of bankruptcy is scary, and there are a lot of unknowns -- at least initially. But with the help of an attorney, you can relax knowing that your case is proceeding in an appropriate and reasonable way.
Source: Credible, "Survey: Millennials Fear Credit Card Debt More Than Threat of War and Dying," Napala Pratini, Dec. 4, 2017