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Youngsters have more credit card debt, lower payments

Arizona readers may see many stories about the economy turning around and an improving job market. The truth of the matter, however, may be that the economy is still recovering and job security is still not guaranteed. Lower wages still strain many a pocket in these difficult times. As such, it is still important for people across the country to remain disciplined about spending. If debt becomes overwhelming, it is also important to keep personal bankruptcy in mind as a possible solution.

Unfortunately, the internet -- with all its benefits -- has also made it easier for people to spend their money. Instead of going to the mall and looking for a parking space, Arizona residents can simply click on a button titled 'buy' and have items delivered to their home. And with credit cards, paying the bill is delayed to a future time. However, this very lifestyle may explain results of a recent study that found people in their late 20s and early 30s have higher credit card debt than older generations. In addition to carrying more debt, they also pay off their debt slowly. It is also possible that the younger generation is not aware that filing for personal bankruptcy, whether it is Chapter 7 or 13, may be one of the ways struggling Arizona debtors can wipe out most of their debt.

The study out of Ohio State analyzed credit card data from borrowers between the ages of 18 and 85 spanning over 10 years. They examined not only borrowing habits, but also how people pay off their debt.

Some people may claim carrying a little debt is not a big deal -- many people have college loans and credit card debt. However, debt is a challenge not only to Arizona resident's financial life, but also to people's physical life. The stress associated with debt may cause headaches, ulcers and back pain.

Arizona residents should not succumb to the debt burden and let their health take a backseat. In addition to coming up with creative ways to repay their debt, they should also keep in mind the option of filing for personal bankruptcy to take their financial issues into their own hands.

Source: Huffington Post, "Credit card debt: study predicts millions will die in the red,"Laura Rowley, Jan. 22, 2013

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