Generation Y in credit card debt, but optimistic
A new study by MetLife found that Generation Y’ers, those between the ages of 18 and 34, have more debt than other demographics, but they’re approaching it optimistically. Thirty-eight percent of survey respondents said they had credit card debt while 34 percent said they felt like they had an adequate safety net. Surprisingly, however, 26 percent of Generation Y’ers say they have already achieved their dreams.
Baby boomers, those between the ages of 45 and 64, have a pessimistic outlook on the economy, in contrast to the views of Generation Y’ers. According to the MetLife study, nearly 76 percent of baby boomers said they did not have an adequate safety net or plan to handle their debt.
“They seem to have lost the optimism and idealism that have been their generation’s hallmarks,” according to MetLife’s release.
Credit card debt has been plaguing Americans since the beginning of the 2008 recession. Those struggling with debt could consider visiting a credit consultant for assistance on creating a plan to relieve monthly payments.