Law Office of Allan E. Dunaway, PLC

Young Americans are buried under $1 trillion in debt

Kentucky readers may be shocked to learn that younger Americans are falling deeper and deeper in debt, according to a new report. The study, which was issued by the New York Fed Consumer Credit Panel and Equifax, found that American adults between ages 18 and 29 are buried under $1.05 trillion in debt. That age group hasn't owed over $1 trillion since just before the financial crisis of 2008.

The majority of the debt comes from student loans. Other types of debt owed include credit card debt, auto loans and mortgages. Meanwhile, the report finds that older Americans owe even more money. For example, consumers between 30 and 39 are $2.9 trillion in debt, consumers between 40 and 49 are $3.4 trillion in debt and those between 50 and 59 are $3.2 trillion in debt. Consumers between 60 and 69 owe $2 trillion, and consumers ages 70 and older owe $1 trillion.

According to financial experts, there are several steps people can take to get out of debt. For example, refinancing student loans and consolidating credit card debt can ease financial pressure and help consumers start paying down debt. In addition, improving credit scores can help people access better interest rates, which can also make it easier to pay down debt. Finally, increasing income can help reduce a consumer's debt-income ratio and provide more cash flow to get out of debt.

Debt can sometimes become overwhelming and difficult to manage. When this happens, it might be advantageous to reach out to a bankruptcy lawyer for assistance. The lawyer could carefully review the client's situation and explain all the legal remedies available. For example, filing for Chapter 13 bankruptcy could help someone stop creditor harassment, eliminate debt and obtain a fresh financial start.

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For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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