Young Americans really racking up the credit card debt

Many Indiana residents know how credit card debt is. Either accrued over time due to poor budgeting, or relying on a credit card for necessary purchases, having credit card debt can be frustrating and frightening as many borrowers simply do not have the finances to pay back all that is owed.
Having credit card debt is certainly not limited to a specific demographic either. Rather, men and women and people of all ages are finding themselves in baffling financial situations.
According to one recent study, credit card debt among the younger generation seems to only be increasing. In fact, according to the university study, those born between the years 1980 and 1984 have, on average, $5,689 more in credit card debt than their parents did. Compared to their grandparents, younger Americans today have on average $8,156 more in credit card debt.
When looking at what is happening to rack up this debt, there are several factors all playing a role.
One is temptation. Many college students are inundated with credit card offers. For some, the temptation becomes too great. They cave-in and sign up for a credit card. A purchase here and a purchase there suddenly starts to add up, and before even realizing what is happening, these students end up racking up several thousands of dollars worth of debt.
Of course, with the current economy, one also has to wonder if recently graduated college students are finding themselves in the tough position of not being able to find a job after graduation. In those cases, there is no doubt that many start to rely on their credit card. This reliance can rapidly spiral out of control too.
When it comes to accrued debt, regardless of a person’s age, those with credit card debt should know that there are often debt relief solutions available. An attorney with experience handling debt relief can walk a person through those options.