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Credit card debt is on the rise for millennials

On Behalf of | May 29, 2019 | Bankruptcy

The trials of financial strain can take a toll on individuals in Ohio and elsewhere regardless of their age. However, the most common financial issues a person may encounter could vary depending on his or her age. While reports suggest that millennials have avoided certain high risk debts over previous years, studies indicate that credit card debt among this age group has recently experienced a substantial increase.

As many grew up during the recent financial troubles of the Great Recession, studies indicate that many millennials have previously avoided taking on high levels of credit card debt. However, recent reports indicate that the number of credit card accounts in delinquency has risen significantly among this age group. While there could be a variety of reasons for this rise, reports indicate that rewards offers continue to be a contributing factor.

Studies suggest that credit card companies are constantly coming up with ways to convince millennials to signing up for new accounts. Even with interest rates constantly on the rise, companies continue to offer sign-up bonuses that many may feel too enticing to pass up. These reports also indicate that the sharp rise in number of delinquent credit card accounts coincides with reports of substantial increases in younger credit card applicants.

Dealing with credit card debt can be a harrowing process at any stage of life. Individuals in Ohio who encounter similar financial hardships may wish to know more about their available options for relief, but they might be uncertain where to turn for guidance. Fortunately, there are attorneys who can evaluate a person’s financial situation and assist him or her in forming a strategy to reduce or eliminate debts through the necessary channels.



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