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Are Millennials Struggling with Managing their Debts?

Perhaps.  Adults aged 19 to 25 are “the so called Millennial generation have around 1.5 credit cards on average, fewer than the 3 cards of Generation-X borrowers (ages 30 to 46) and 2.7 cards of Baby Boomers (ages 47 to 65)” according to a report by credit-reporting firm, Experian.

Despite this seemingly good news, there’s a dark cloud over hanging.  The report shows that “Millennial borrowers are late on debt payments roughly as much as Gen-X borrowers.”  Millennials run into trouble paying credit cards, auto loans, and student loans.  The slow moving economy and high joblessness rates are likely to blame and this Millennial generation has fewer assets than the other generations.

http://blogs.wsj.com/economics/2013/11/20/millennials-wary-of-borrowing-stuggling-with-debt-management/

Debt is an issue that affects all generations.  If you’re part of this millennial generation struggling with the inability to pay off your debt, a debt settlement attorney may be your solution.  You can get out from behind your debt at an early stage before it escalates.  Contact a debt settlement attorney and explore the path to a debt free life.

 

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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.