Millennials in Connecticut and elsewhere around the country have come of age in a financially turbulent time. They have seen major economic downturns and soaring levels of national debt. Many of this demographic group are bewildered about their own personal debt, whether it be student loans, mortgages or credit card balances. In fact, recent studies show that more millennials are in need of debt relief as a result of their handling of credit card debt.
A decade ago, just over 40% of millennials had a credit card; now, that number has increased to 52%. In addition, roughly 8% of them are seriously behind in making their payments. Since this age group also has a significant level of student loan debt, the added burden of credit card payments, interest and fees certainly does not ease their financial pressure. At the same time, some millennials are advised to take out a mortgage, because investing in a home is a good fiscal move. Securing all this debt can quickly become a problem if not managed properly.
Industry surveys indicate that around 60% of millennials pay late fees and carry balances from month to month. These delinquencies can result in long-term negative effects to a person’s credit scores and lead to high rates on big-ticket items in the future. It is understandably important to get a handle on debt before things become unmanageable.
If someone’s financial situation already seems bleak, it may be beneficial to seek the advice of a Connecticut bankruptcy attorney. A knowledgeable attorney can offer several options for a plan to provide debt relief. It will be comforting to know that there are ways to get one’s finances back in order.