Persistently Sluggish Economy Proves Most Painful for Members of Millennial Generation
Five years after the economy first started to slump, Americans are still feeling the pinch - but one group is feeling it more keenly than others.
According to a new study, the millennial generation appears to have suffered most due to the downturn.
Nearly 50 percent of people between the ages of 18 and 34 believe they will be worse off financially than their parents, reports The Today Show.
In this month's presidential election, nearly half of people under the age of 30 named unemployment as the most important economic issue affecting them today - more than any other demographic. Rising prices came in second at 37 percent.
It's not just the recession that's causing trouble, but the timing of the recession, explain our bankruptcy attorneys. Many people in their 20s and 30s have been taking on debt before and during the downturn in order to pay for college, homes, cars, and other expenses.
The average college graduate today owes nearly $30,000 in student loans. Credit card debt and medical costs are also on the rise. Meanwhile, good full-time jobs are harder to come by.
As a result of fewer dollars and limited personal savings, many millennials have had to alter their lifestyle - eating out less, renting rather than buying, putting off marriage and kids, and even delaying moving out on their own (or moving back in with mom and dad). However, the ensuing savings still may not be enough to pay for growing debt and the accompanying fees and interest payments.
For many young adults, all this financial pressure only results in more credit card debt, which in turn leads to a plummeting credit score - and skyrocketing stress levels. What many consumers don't realize is that bankruptcy - not taking on additional debt - is often the best solution.
Living with debt is like slapping a band-aid on a worsening wound. It might let you get by day to day, but in the long run, you're only going to cause more pain.
Filing for bankruptcy has the power to not only stop the financial bleeding, but to begin the healing process.
Unless your boss suddenly decides to bestow you with a miraculously large raise, your income is not going to be enough to cover a growing mountain of debt. Bankruptcy provides the ability to adjust payments to more manageable levels by lowering - and in some cases, eliminating - unsecured debts like credit card debt.
When money is tight, why would you want to give up chunks of your hard-earned paycheck to creditors? Bankruptcy can help put your earnings back where they belong: in your own pockets.
With more money to pay the bills, you can get your finances, your credit score and your life back on track.
Want to find out what bankruptcy could do for your personal financial situation? Call DebtStoppers at 800-440-7235 to schedule a free one-on-one debt consultation with one of our experienced bankruptcy lawyers in Chicago, Atlanta or Tennessee.
More Blog Entries:
Struggling Homeowners Brace for Expiration of Foreclosure Tax Break: November 7, 2012
For Many Couples, Getting Married Means Being Wedded to Credit Card Debt: November 2, 2012
Additional Resources:
Economy Stinks for Many, But It's Crushing Millennials, by Heesun Wee, cnbc.com