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Millenials Do Not Manage Their Debt Well

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According to Experian, young adults in their 20’s are struglling to manage the debt that they have.  Aside from student loans, students have been cutting back on most forms of debt.

According to Experian, the average debt in the United States per person is roughly $28,000, including credit cards, car loans, student loans and other personal loans. The average credit card debt per person is $4,500.  In comparison, millennias have roughly $23,000 in total debt and $2,700 in credit card debt.

Millenials have the fewest number of credit cards and the lowest average balance on them, yet they also have the lowest credit scores due to a high incidence of late payments.  These late payments damage credit scores, which make it difficult to get loans or even new apartment leases. While the average credit score in the United States is 681, the average for millennials is just 628.

For the entire article: http://www.nytimes.com/2013/11/20/business/for-those-in-their-20s-a-finding-that-they-dont-manage-debt-well.html

Are you a young adult trying to juggle student loan payments, rent and credit card bills?  Consult with a debt settlement attorneys to discuss possibly settling out your private student loan and credit card balances for less than your creditor claims is due.

 

Millenials Do Not Manage Their Debt Well was last modified: November 1st, 2014 by Kevin Fallon McCarthy
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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.
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