Creditnet News Story
Young Bostonians struggle with credit card debt
Friday, August 27, 2010
By William Davis
Many Americans are having trouble with their finances these days, and young people are no different. But a significant portion of Generation Y consumers in Boston have reported that they are particularly vexed by their outstanding debt.
A new survey by Hart Research Associates found that Boston residents have a more disheartened outlook for the future than they did nine months ago, but that younger consumers in particular say their personal debt is "unmanageable." In all, 34 percent of consumers report that they are very or somewhat uncomfortable with their level of debt, up six percentage points from the last survey in September 2009.
However, the study found that 18- to 39-year-old Bostonians have the most trouble, with 28 percent reporting that at least one area of their debt is a problem they can't handle. In all, 9 percent cited credit cards as a major obstacle.
However, consumers are now paying off more debt than they were able to do before by cutting back on their spending habits in the second quarter of the year.
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