Debt & Default Judgments on the Rise: Middle Aged Consumers May be Doing Better than Other Generations
For consumers, gaining access to that first credit card is usually a momentous event—along with making timely monthly payments—memorable, but only to be outdone by the first call from a creditor harassing you for a late or missed payment on your debt. While most of us take on plastic with the idea that it will be there to help us sleep better knowing we have an emergency fund and something to fall back on, once it has been used up, trouble looms financially.
Money mismanagement is often an issue that causes consumers of all ages to fall into financial disrepair, and the truth is that it can be exceedingly difficult to get back to a good starting point without skilled legal help. If you find yourself worried about delinquencies and potential defaults, consult with an attorney from Fitzgerald & Campbell, APLC to create a strategy for getting back on track.
Financial issues can strike at any age, but recent data shows that millennials may be on the verge of surpassing baby boomers when it comes to credit card use and credit card debt. The stresses of lower salaries, a high cost of living, and burdensome student loan debt may be to blame.
“Recent data from Experian shows that baby boomers—consumers ages 56 to 74—carried an average of 4.8 credit cards in the second quarter (Q2) of 2019. That’s down since Q2 2015 when they carried an average of 5 credit cards. By comparison, millennials had 3.2 credit cards on average in Q2 2019—an increase from the 2.9 they carried five years ago,” states the Experian team in a recent article.
“In the past five years, millennials have seen their total debt grow the most of any generation: 58% from Q2 2015 to Q2 2019. Generation Z saw the second-largest increase (22%) in their total debt, followed by Generation X, whose debt grew by 10% since 2015.”
If you have been served with a collection lawsuit, do not procrastinate in dealing with it as soon as possible—and with legal help! A response must be filed right away to avoid the potential for a default judgment being granted against you and giving the creditor even greater power to pursue aggressive collections activities.
Contact Fitzgerald & Campbell, APLC now so one of our experienced attorneys can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes.
Posted in: Judgments