Young adults in massive financial experiment and their debts are winning

The internet has drastically changed the way people in the U.S. spend their money and the younger generations are guinea pigs in the spending revolution. A recent studyreports that young adults not only acquire more credit card debt than older generations, they pay it off much more slowly.

Normally, credit card debt increases in a person's young adulthood, is highest at middle age and tapers off as he or she ages. Unfortunately, this trend assumes no change in how people view credit card use. Generations who grow up watching their parents rely on plastic, believing the media saying they can have it all and who use their own credit cards to meet each month's financial responsibilities are not likely to follow this same pattern.

Researchers predict that Americans in their 20s and 30s will continue to amass credit card debt into their 70s and will die in the red. This will cause significant financial difficulties as these generations age; retirement will be difficult, if not impossible, if they do not start addressing their spending habits now.

How much are you spending?

On average, people born between 1980 and 1984 carry nearly $6,000 more debt than their parents' generation - those born between 1950 and 1954 - and $8,200 more than their grandparents' generation - those born 1920 to 1924. If you carry a balance over from month to month, you are paying finance charges which only add to your debts.

What can you do?

If you find yourself amassing credit card debt faster than you can pay it off, follow some of these steps to get yourself back in the black:

  • If you cannot pay off your credit card bills each month, always pay more than the minimum amount due on your credit card bills each month.
  • Concentrating on one credit card at a time, diligently seek to pay them off over an established period of time.
  • Close all but one or two of your credit card accounts; if they are not in your wallet, you will be less likely to use them.

If you are already buried in debt and cannot see a way out of your financial situation,seek legal help.

Ask a bankruptcy lawyer

Filing for bankruptcy is not the end of the road; it can be the beginning of a future free of debts. Bankruptcy laws were established to help those who are in over his or her heads or have suffered a loss such as:

  • A major illness or injury
  • Loss of a job
  • Foreclosure of a home
  • Divorce

In order to learn what options you have, consult with an experienced bankruptcy attorney. A lawyer can help you decide whether bankruptcy is right for you and your situation.