Bankruptcies Surge Among Gen X and Millennials Despite Economic Gains, Hinting at Looming Credit Reckoning
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Bankruptcies are rising sharply among Gen X and Millennials, indicating growing debt troubles despite recent positive economic news.
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There has been a 24.7% increase in Gen X and a 40.1% rise in Millennials seeking bankruptcy help over the past year.
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This rise in financial stress contrasts with broader indicators showing increased consumer confidence and spending.
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LegalShield data predicts this trend will undermine consumer confidence and hints at a potential "credit reckoning."
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The uptick aligns with rising household debt levels and Fed interest rate hikes that make finances precarious for younger generations.