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Young consumers now carry less credit card debt

Over the course of the most recent economic recession, a number of financially distressed families used their credit card as a means to cover bills and other basic expenses. As this type of debt stacked up alongside other debts, personal bankruptcy became the best-available option for debt relief in many cases.

Now that the economy is slowly recovering, the market may have made certain adjustments. Namely, newly released figures show that fewer young people are taking on credit card debt. In fact, between 2007 and 2012, the number of 18 to 29 year olds with out a credit card doubled from 8 to 16 percent.

Knowing how many young people have decided against obtaining a credit card, it follows that credit card debt among the same group has also dropped. For a number of reasons, including aversion to debt and federal credit card reforms, these numbers have shifted dramatically over the course of 5 years.

Although the amount of credit card debt they carry has decreased, it doesn't mean that young people aren't in need of debt relief. In fact, young people may have other debts from student or auto loans that have spiraled out of control. It's important to remember that some types of debt can be discharged or paid off over time with a consumer bankruptcy filing.

Beyond clearing debt, personal bankrtupcy can also help people find a sense of financial security. Part of this comes from improving a person's credit score, which can increase eligibility for receiving a loan. Once a firm financial footing is rediscovered, it is often less difficult to move forward.

Source: WGGB, "Fewer Young People Getting Credit Cards," June 18, 2013

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