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Consumer debt differs between Baby Booms and Millennials

While Millennials and Baby Boomers go into debt in very different areas, they might still be headed for the same outcome, according to a recent report. Overwhelming amounts of debt can come from a variety of sources, including medical bills, credit card debt and unimaginable student loans. These two generations might enter into different types of consumer debt, but the need for debt relief is often the same.

As more Washington Baby Boomers head for retirement and an increasing number of Millennials enter adulthood, it is important to understand that debt can have a profound impact on both groups. Back in 2003, Baby Boomers between the ages of 40 and 45 increased their debt by a total of $300 billion. Data from 2015 revealed a similar story, with individuals accumulating the most debt at the age of 45.

Millennials have a slightly different story, with less of their debt coming from mortgages and car loans. Indeed, unlike their parents' generation, Millennials have mostly avoided taking on profound amounts of consumer debt. Much of their debt is tied up in student loans, which do little -- if anything -- to help credit scores. Without the ability to establish roots or get necessary financial boosts when needed, the outlook is not necessarily bright for this group.

No matter what generation a person is born into, nearly every individual can thrive when working from a financially stable platform. When consumer debt, student loans and other types of insurmountable debt stand in the way, Washington consumers can feel helpless and without options. Debt does not discriminate between the young or the old, the perceived wealthy or the poor, and bankruptcy focuses on finding real, tangible solutions to achieving necessary debt relief.

Source: thestreet.com, "Does the Graying of American Debt Mean Millennials Can't Get a Loan?", John Sandman, Feb. 26, 2016

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