Growing up during the great recession initially resulted in millennials, those ranging in age from 18 to 29, doing their finances differently from their parents. They saved their money and avoided credit card debt, at least until recently. The number of delinquent accounts used by the younger generation here in Texas and elsewhere has risen, and many blame it on offers from credit card companies.
It appears these companies have figured out how to tap into this previously financially skittish market. They offer competitive and attractive bonuses other than zero percent interest offers. Another factor could be rising interest rates. Locking in seemingly good interest rates of 18% to 25% could have helped millennials make the decision to sign up. Unfortunately, they now suffer from the same issues as their parents and grandparents — they fail to make payments, and some accounts are in the 90 days and more delinquent category.
Most people would recommend paying off credit card balances each month, and around 40% of Americans do. The other 60% could easily find themselves in trouble as time goes by. Millennials are finding out the hard way that it is difficult to get out of credit card debt. It is simply too easy to pay the minimum and let the balance roll over to the next month.
When their credit card debt reaches a critical point, more millennials may begin looking for debt relief options, especially if they also have other financial obligations such as student loans. Bankruptcy could provide the relief they need in their monetary situations. If that is the case, then enlisting the aid of a Texas bankruptcy attorney could make all the difference in receiving a fresh financial start.