The conversation about MIllennials killing industries left and right is one being had around the nation. Deemed responsible for everything from the decrease in cereal sales to numerous department stores closing their doors, the Millennial generation is seen as one of the most disruptive, but it’s not entirely their fault.
Millennials are the “kids” of The Great Recession. They saw their parents struggle to maintain financial stability and many of them were graduating high school or college at the peak of The Great Recession. Through their pursuit of a stable life, Millennials ultimately found themselves struggling with similar debt issues that their parents once endured.
The Origins of Millennial Debt
The most common debt shared among Millennials is student loans. With college seen as the ticket to economic stability and a brighter future, a vast majority of young people did not hesitate to enroll in institutions of higher learning. Almost seen as a direct reaction to the boost in enrollment, tuition prices skyrocketed alongside the cost of textbooks. Although enrolled in colleges and universities nationwide, few Millennials had college funds to rely on and found themselves taking out student loans.
Coming in the form of both federal and private loans, Millennials funded their way through college with money they’d eventually have to pay back with an interest rate that steadily increased. Upon graduating or leaving the university (whichever came first), some secured decent-paying jobs that allowed them to make timely payments on student loans while others found themselves stuck working the same part-time job that helped get them through college.
If that wasn’t enough of a strain, credit card debt is also a growing issue for Millennials. As they struggle to find jobs in their area of study, they must still come up with means to afford living and many other expenses. With all of these factors in play, and the fact that more Millennials are going off to college than previous generations, it’s safe to say that they will have higher debt if even just in the form of student loans alone; however, they do have debt management options.
Options for Managing Debt
Debt counseling and consolidation are a few debt relief options, but they are highly inefficient at getting to the root of the problem. One thing that Millennials, Gen Xers, and Baby Boomers can all benefit from is speaking with a bankruptcy attorney who can help put an end to lingering debt issues.
With over 20,000 cases filed, the Louisiana bankruptcy attorneys at E. Orum Young Law Offices have filed the most bankruptcies in Northeast Louisiana. We understand that your debt issues are hindering your ability to progress, and we are here to help you settle on a bankruptcy option most beneficial to you. Contact us today for a free case evaluation. Our Trial Guarantee ensures that we will take your case to trial per your request.