Young people in Tennessee need to be careful with credit cards. When they take on credit card debt, it can be difficult for them to get out of debt because of the high rates of interest that card issuers charge.

According to a report by CNBC, millennials have long been known for being averse to taking on debt. That reportedly is changing as an increasing number of people ages 18 to 29 are taking on credit card debt. Data from the New York Federal Reserve shows that people in that age group had credit card delinquencies of 90 or more days that exceeded 8% of the balances, which was the highest level in eight years.

For people who have good credit, credit card rates average around 18%. For people who do not have good credit, the card interest rates can be as high as 25%. People who are unable to pay their balances in full each month will be charged interest, which can make the debt balances grow and become even more unmanageable. The millennials had the highest rate of delinquencies of 90 or more days than any other age group.

People who are struggling with unmanageable credit card debt might want to consider bankruptcy. When people file bankruptcy petitions, the court issues an automatic injunction to their creditors that prevents them from engaging in any further activity to collect on their debts. If people are able to file for Chapter 7 bankruptcy protection, their credit card debts may be discharged in just a few months. If they file for Chapter 13 bankruptcy, they can enter into a repayment plan over a period three or five years. A bankruptcy lawyer may help clients understand the options that they might have to get rid of their debts and have a fresh financial start.