Residents in Mississippi who are struggling to make ends meet every month and end up seeing their debt increase instead of decrease may start to consider bankruptcy as an option. Certainly, this can help and deciding which type of bankruptcy to file for will depend in large part on the type of debt a person has. For people with predominately unsecured debt, such as credit card debt, and few assets to lose, a Chapter 7 bankruptcy might be the right way to go.
As reported by Payments Journal, a study conducted by Northwestern Mutual found that consumers between the ages of 25 and 34 are commonly weighted down with excessive credit card debt. people in this group, called the older millennials, are said to have an average of $42,000 in personal non-home loan debt. Of this, approximately one-fourth is on credit cards. The next age bracket up includes consumers between 35 and 49. For these people, credit card debt was the second biggest source of debt followed by educational costs and vehicle loans.
A similar trend was found among consumers in their 50s and older yet the overall amount of debt carried by these people was lower than for the prior generations. The group with the least debt was the young millennials and, as one can expect, student loan debt was their largest reason for the average $22,000 debt they owed.
The study also showed that from 2017 to 2018, fewer U.S. consumers were fully debt-free and the average amount of debt carried by consumers rose by $1,000 per person.