Generally, millennials and members of Generation Z in South Carolina and other states have been more cautious about debt than earlier generations. Part of the reason for this is because many of them lived through the recession that took place around 2008-10. But this trend may be reversing as more individuals within the younger generation continue to accumulate credit card debt.

Among 18- to 29-year-olds, credit card delinquencies of 90 days or more passed the 8% mark for all balances within the first quarter of 2019, which represents a nearly 10-year high. Part of the reason for this trend may be the increase in appealing credit card signup bonuses and perks like travel credits. Interest rates are also on the rise after many years of being kept at very low levels, which further contributes to debt risk.

Overall, 90-plus-day delinquencies among the 18-to-29 age group for all types of debt are up. But it’s credit card debt that ranks first. Some experts point to a strong US economy as another reason for the boost in credit card signups. While new credit card accounts declined among younger borrowers from 2008 to 2012, more than half of the individuals in their 20s now have credit cards, according to data collected by the Federal Reserve Bank of New York. In addition, student debt delinquencies of 90 days-plus are also on the rise. However, this type of debt tends to be more manageable than credit card debt.

If a young borrower reaches a point where credit card debt is unmanageable, he or she may benefit from a consultation with a bankruptcy attorney. Initially, a lawyer may bring in an accountant to get a better idea of a person’s overall financial picture. If personal bankruptcy turns out to be the best option, existing debts are often restructured in a way that makes repayment less burdensome.