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Younger generation’s debt keeps them renting

This is good news if you are a real estate developer who owns or builds apartment buildings, bad news if you are just entering the workforce after having graduated with a degree.

http://www.washingtonpost.com/business/capitalbusiness/younger-generations-debt-keeps-them-renting/2012/07/29/gJQAJ3IxIX_story.html

Analysts predict that younger generations graduating from college and those just entering the workforce will be renting for a much longer period of time than previous generations.  Several factors play a role here, higher debt from educational loans, soft job markets, expensive real estate prices, etc.  Because of this combination of factors, more of the younger generation will be working to pay off debts and therefore will be renting, rather than owning, a place to live.

If you find yourself or a loved one mired in a debt spiral that will not end for another 30 years, perhaps it is time to speak to a debt settlement attorney.  A debt settlement attorney can help negotiate a reduction in your private student loans and any credit card debt that has been amassed during those “formative years.”  After all, being debt free in a couple of years is a much more attractive option than being 55 years old, wondering if you can make your next rent payment.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.