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Getting free of debt seen as impossible by many Americans

Only 13% percent of people who are part of the millennial generation and have credit cards are debt free, according to a report. The report, released by CompareCards.com, also found that credit card debt is a greater drag on the finances of millennials in Virginia and around the country than student loans. Among Generation Xers, only 11% who have credit cards are debt free.

Baby boomers are more likely not to have debt, as 29% of members of that generation who have credit cards said they are debt free. According to the report, student loan debt is an issue for 36% of millennials and 67% of millennials have credit card debt. Approximately 25% of cardholders overall believe they will still be in debt when they die. More specifically, 19% of men and 25% of women believe they will always have debt. Among people in that group, 16% have annual household incomes in excess of $100,000.

In creating the report, CompareCards.com conducted surveys of more than 1,000 people who have credit cards, asking about student loans, credit cards, auto loans and mortgages. Those who have credit card debt are likely also to have one or more other types of debt at a rate of 7 in 10. Baby boomers who have debt expect to carry it, on average, until they are 81.

There may be legal and strategic options to reduce or eliminate debt. An attorney who has experience in bankruptcy law might be able to help interested parties by examining their financial situation and suggesting a course of action, perhaps including personal bankruptcy. Filing for bankruptcy may put a stop to collections actions and creditor harassment.

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