How much credit card debt would you have to accrue before you consider asking for help? The answer could depend on your age.
How much credit card debt would you have to accrue before you consider asking for help? According to a recent study by CreditLoan.com, millennials, born between 1981 and 1997, say they’d ask for help around the $13,000 mark, compared to a breaking point of around $15,500 for generation X, born between 1965 and 1980, and around $19,000 for baby boomers born between 1946 and 1964.
“In my opinion, millennials are most likely to ask to borrow money because they are in a position financially where fully supporting themselves is more difficult than it was for their parents or even their older siblings,” says Daniel Wesley, founder of CreditLoan.com. “The millennial generation is crippled by student loan debt, where they then enter a workforce that, although stronger than years past, is still tied to salaries that cannot keep up with the level of inflation occurring across the nation.”
“This is also a generation that has proven to value ‘experiences’ above all else, from moving to big cities, gap-years, internships, millennials are more willing to pursue different paths to achieve what they deem is ‘successful’,” he adds. “Millennials crave opportunities and involvements that will increase their ‘personal’ value but does not always equate to a monetary gain.”
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