Who is PointBreakFinancial.com?
They aren’t a lender. They appear to be a lead generator primarily selling to debt settlement companies.
A recent study by Experian paints a different picture of the debt of each generation. Contrary to popular belief, it is not Millennials or younger generations who are in the most financial trouble. The study, called “The State of Credit,” found that debt levels vary among different age groups. This information shared can help better understand America’s financial situation and create strategies to address problems.
The U.S. debt crisis and PointBreakFinancial.com
Debt is a significant issue for many people in the United States. The most common types of debt are mortgages, credit cards, personal loans, and student loans. Most of the total debt in the US is allocated to mortgages. Next are auto loans, bank cards, and student loans. The average amount of debt in the US is around $78,030. Americans have an average credit score between 673-675. Consumer confidence has been boosted recently, and credit card spending hit a new record in November. While this is good news for the economy, it could spell trouble for those who cannot manage their spending habits. Some age groups are handling debt better than others. So, which generation is genuinely suffering the most financially?
PointBreakFinancial.com and Millennials
Millennials are often stereotyped as being financially unstable. This is largely because many graduated college and began their professional careers during or shortly after the Great Recession of 2009. This forced many of them to take lower-paying jobs and put their careers on hold. However, the good news is that this generation is slowly but surely digging themselves out of debt. Thanks to an improving economy, Millennial has improved their finances. As of 2016, they had managed to reduce their overall average debt by 8% to $222,000.
Point Break Financial and Generation X
According to a recent study, Generation X is saddled with the highest mortgage debt of all age groups and owes the most debt. The study found that 46% of this generation carries credit balances with an average of $4000 or more. Furthermore, Generation X holds the most significant average student loan balances. Between the high mortgages, mounting credit cards, and excess student loans, this generation suffers the most financially.
Point Break Financial and the Baby Boomers
Even though Baby Boomers are starting to retire, they are doing so with more debt than any other generation. While they may not be in financial trouble like Generation X, they still have the second-highest mortgages, car loans, and almost the same amount of credit card debt. Interestingly, even though this generation is not at the top of the debt pyramid, they are still more likely to file for bankruptcy. According to the American Bankruptcy Institute, 42% of all bankruptcy filings come from baby boomers aged 45 to 64. This could be due to several factors, such as debts, and increasing medical costs, that make it difficult for them to live comfortably in their golden years.
PointBreakFinancial.com – Close a Financial Chapter & Start Fresh With Bankruptcy
Financial hardships can put you in a difficult position, regardless of your age, income, or status in life. Stress is a valid reason to consider improving your financial situation, and bankruptcy may be the answer. A simple phone call could provide the information you need to get started. Don’t go another sleepless night worrying about your finances – give us a call today and learn how bankruptcy can help erase your debt and give you a fresh start.