SAN DIEGO, CA -- (Marketwire) -- 01/24/13 -- The San Diego bankruptcy lawyers at the Golden State Law Group dedicate their professional practice to helping both consumers and businesses work their way through extreme financial difficulties. The options they present to their clients include filing for bankruptcy protection as well as helping them utilize other forms of debt relief. The firm is hereby offering a free initial consultation to consumers and business owners who may be having problems with their finances based on a recently published study that revealed how much credit card debt younger people in the United States are incurring.
This study was released by researchers at the Ohio State University on January 14, 2013. The study was entitled, "New Evidence on Credit Card Borrowing and Repayment Patterns," and it was published in the January 2013 issue of Economic Inquiry. The study involved research that had been done in other studies that looked at the overall amount of credit card debt that was being incurred by members of different generations as well as looking at how quickly that credit card debt was being repaid by the borrowers in those respective age groups.
The study concluded that subjects who were born between the years 1980 and 1984 are projected to be carrying credit card debt that is approximately $5,700.00 higher than what subjects who were born between 1950 and 1954 carried at the same stage in their respective lives. The study also found that those same younger subjects would carry credit card debt that's greater on average than those people born between 1920 and 1924 by an amount of approximately $8,100.00.
The study also reviewed data relating to how quickly the different subjects paid back their credit card debt over time. The researchers found that those born between 1920 and 1924 paid back their credit card debt at a rate that was approximately 77 percentage points higher than the subjects born between 1980 and 1984. Those born between 1950 and 1954 have paid back their debt by a factor of 24 percentage points faster than their younger cohorts.
All of this means that younger people in the United States are incurring more credit card debt than the two generations who preceded them and that they are likely to take much longer to pay that debt off completely. As a result, the San Diego bankruptcy lawyers at the Golden State Law Group are inviting those who may be struggling with credit card debt to contact the firm to schedule a free initial consultation so that their entire financial situation can be properly analyzed.
About the Golden State Law Group
The Golden State Law Group is a law firm in San Diego, California that's comprised of a team of San Diego bankruptcy attorneys who provide legal help to consumers and businesses. Specifically, the attorneys at the firm provide help to consumers in the legal areas of student loan debt problems, medical bill issues, consumer bankruptcy, business bankruptcy, tax debt issues and personal injury cases.
David G. Weil
Golden State Law Group
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