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Though more people move back home, a debt management plan may help reduce interest rates
By Peggy Stillwell on Mar 19th, 2010
Recent research shows that multigenerational households have become more prevalent, which has some tie to recent economic difficulties.
According to the Pew Research Center, 49 million Americans lived in a home that had at least two adult-aged generations under the roof in 2008. That number includes households that had a grandparent living with another adult generation.
In 1980, that number was only 28 million. Though changing demographics, including an increase in the number of immigrants living in the country, played a role in the increase, so did the effects of the Great Recession.
Pew said there has been a "significant spike" of multigenerational households since the start of the recession in 2007.
"Our report finds that from 2007 to 2008, the number of Americans living in a multi-generational family household grew by 2.6 million," Pew said.
A number of reports have noted that both foreclosures and a high unemployment rate have caused some people to move back in with their parents in order to save money. Others have taken on additional roommates in order to help make their rent or mortgage payments.
Other concerns that could be vexing consumers include credit card debt. However, people may find some relief in the form of a debt management plan, which may help the amount of interest they pay each month on these bills.
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