Some generations may face more creditor harassment than others

Debt does not discriminate based on a person's age or background and Minnesota residents of all demographics find themselves on the nerve-wracking end of creditor harassment more than they would like. While many people carry debt in the forms of house and car payments, student loans and other forms of liabilities, a recent study shows how different generations of people treat the debt that results from using credit cards.

The credit reporting group Experian recently released a study that shows how four generations - the Greatest Generation, Baby Boomers, Generation X and Millennials - carry credit card debt and how it affects their financial health. The findings may not match what all readers expect to see.

Experian discovered that members of the Baby Boom generation (those people aged 47 to 65) carried the highest levels of debt on their credit cards but that members of the Millennial generation (aged 19 to 29) had the lowest credit scores. While members of the Greatest Generation (aged 66 and up) seem to have the healthiest overall financial debt picture, members of Generation X (aged 30 to 46) carry more overall debt than any other age demographic.

Though attitudes toward debt and the circumstances in which each of the generations lived can influence how they perceive debt in their financial lives, the findings of the Experian study suggest that people of all ages can suffer from credit card and other debt problems.

For those who want to stop the threatening letters and who desire to learn more about effective debt relief strategies, help is available. Legal professionals who work in the bankruptcy and debt relief fields are helpful resources that individuals may contact when they are ready to begin getting control of their personal economic problems.

Source: Dailyfinance.com, "Credit's Generation Gap: How's Your Age Group Doing on Debt?" Michele Lerner, Jan. 29, 2014