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These days, however, the Debtor Generation or Generation Debt may also apply.
They see the person next door with a brand-new Range Rover in the driveway, and they want one.
Its especially true with the oldest members of the group hitting retirement age.
Here, financial experts have plenty of tips to offer.
Assess Your Situation Honestly, Then Make a Budget
As the founder ofG.R.A.C.E.
Financial Coaching, Suzanne Scullion has helped many clients tackle credit card and other forms of debt.
Honesty about the amounts you owe, your interest rates and your minimum payments is key, Scullion said.
Dont hide anything from anyone.
Do some of what she calls forensic accounting, digging deep to find expenses that you dont need.
Cut the nonessentials and put that money toward your debts.
If you might swing doubling up on payments, go for it.
Many believe it is always the best choice but think again.
Scullion favors the debt snowball approach, in which debtors knock off smaller debts at the outset.
The snowball works faster because of the psychology of it, she explained.
The biggest thing that happens to people when they cant pay off debt is that they get burnt out.
Roccato acknowledges that the snowball approach serves many people well.
Others will fare better tackling those higher-rate debts at the beginning, he said.
If you need the re-enforcement of a snowball, thats great, Roccato said.
But if you dont, the math makes the avalanche method far more supreme.
It may also be time to make some money via a garage sale, or by selling something bigger.
Its usually at least worth a phone call though, Scullion said.
Be prepared with a lump sum payment in your hand, Scullion said.
One of the worst things that people go to when they shouldnt is bankruptcy.
Nevertheless, he also considers it a nuclear option.
Both also strongly caution against pulling money from retirement accounts, particularly for members of Gen X.
In addition, there are opportunity costs associated with taking money away from your investments.
Sometimes you have to right-size your life, Roccato said.
It may mean changing ZIP codes.
It may mean changing careers.
Or, perhaps a combination of some big moves and some slow and steady moves is in order.
Its not going to happen overnight, Scullion cautioned.
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