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.