Struggling 20-Somethings Living With Parents May Find Freedom through Tennessee Bankruptcy
These days, young adults may be more likely to move back into mom and dad's house than into a home of their own.
A lackluster job market and growing debts may explain why an estimated 30 percent of people between the ages of 25 and 35 are now living with their parents or grandparents - the highest number in 60 years, reports The Christian Science Monitor. In the 18- to 24-year-old age bracket, that statistic rises to 53 percent.
In contrast, just 11 percent of 20-somethings lived in multigenerational households in 1980.
It's not that they're choosing to stay at home. In many cases, young adults flew the nest for college or a job but were forced to return when they couldn't pay the bills.
Generation Y has been especially hard-hit by the recession, say Tennessee bankruptcy lawyers.
Today's young Americans carry $45,000 of debt on average - usually a combination of school loans, car loans, and credit card debt, according to PNC Financial Services Group.
As we mentioned on the Tennessee Bankruptcy Lawyers Blog this spring, the collective school loan debt of students at Middle Tennessee State University is currently $63 million - $5 million more than last year.
Nationally, student loan debt has reached $1 trillion, overshadowing our country's cumulative credit card debt.
On the plus side, research is showing that living at home for a longer period can have positive benefits for young adults. Those residing in multigenerational households often enjoy greater social support and help covering basic necessities like food and health care.
On the downside, parents with adult children living at home may incur higher debts themselves as a result of increased costs. For young adults, living with a parent can interfere with relationships, careers, and starting families of their own.
There's no way around it: debt puts lives on hold. When you're always trying to stay one step ahead of the bills, there's usually not much money or energy left over for anything else.
By providing a solution for reducing or discharging debts, Tennessee bankruptcy can help young adults achieve financial freedom.
Filing for bankruptcy in Tennessee can't lower school loans (though some people are hoping to change that) - but it can relieve pressure from credit cards, medical bills, and other unsecured debts, easing the burden of overall debt.
If your financial obligations are holding you back, bankruptcy can provide the power to finally move forward.
To speak with one of our Tennessee bankruptcy attorneys about your financial situation, call the DebtStoppers Bankruptcy Law Firm at 800-440-7235. Call today for a complimentary debt analysis.
More Blog Entries:
Concern About Student Loan Debt Drives Discussion Over New Tennessee Bankruptcy Laws: May 2, 2012
As State Cuts University Budgets, College Students Take Out Bigger Loans in Tennessee: March 12, 2012
Additional Resources:
Three in 10 Young Adults Live With Parents, Highest Level Since 1950s, by Husna Haq, The Christian Science Monitor
Today's 20-Something Is Carrying an Average $45,000 In Debt, by Noelia de la Cruz, Business Insider