Recent news pinpoints generation X as the biggest contributor to the near-record high Australian national credit card debt. With the spending of this generation shifting towards credit cards instead of cash, the problem with guilt free spending is becoming more and more rampant. The group – described by demographers is between the ages 35 to 54 Australian consumers who use their earnings largely on their children, aging parents and the mortgage via credit card. However, in the recent survey of 1200 in the Generation X cardholders, half said they made up to three unplanned purchases each month using their credit cards.
The research also shows that Generation X Australians are the least likely to pay off their credit card debt in full each month. There is actually $51 Billion credit card debt in Australia at the moment with $33 Billion of that is accruing interest on a monthly basis, costing more than $540 Million per month for consumers. With a lot of money being wasted on interested charges, the individual debt is also contributing to the national debt on credit cards. Generation X is now driving the national debt to new heights with their irresponsibly managed debts. With such staggering debt statistics it is clear that Gen X needs help in order to stay afloat with their finances, implying too that there is a demand for professionals who can help them in managing finances
Resolving Credit Card Debt
This is where credit card debt resolution may come in handy. Generation X has been dubbed as stressed out consumers. Why? These problems concerning financial matters affect not only the cardholders but also the people around them which in turn impact the country as a whole. Which is why it is important to consult professionals regarding debt management and possible solutions, the stakes involved are just too high.
Financial counseling services like our own Clean Credit Debt Resolutions will help you get out of a bad credit card debt. Our financial counselors will talk to you about your options and may speak to the creditors on your behalf, negotiate your debts and reduce the payout figures while alleviating you of the pressures of dealing with your creditors and in time finding a debt resolution. This will not only help you with your paying off your credit card debt but it will also give you the knowledge on how to manage your finances wisely in the future. You not only pay off your credit card debt but you also increase your credit report rating and an added plus is you help Australia’s economy by not contributing to the negative statistics.