Without a doubt, many people throughout the country, including here in Texas, owe tens of thousands of dollars in student loans. However, a recent report indicates this type of debt is not necessarily the highest that numerous millennials have. Instead, student loans take a back seat to credit card debt for about 25% of those who participated in the survey.
To clarify, the study used the definition of millennial from the Pew Research Center, which included people ranging in age from 23 to 38 as of 2019. This generation of Americans tends to believe they will not be able to retire debt free and carries more debt than their parents did when they were within the same age range. To make matters worse, around 22% of those with significant credit card debt do not even know what the interest rate is on their cards.
Like generations before them, if millennials cannot get a handle on their debt, it could spiral out of control. For some, a budget may be enough to get back on the right financial track. However, many more may need to take additional steps. Finding the right debt relief option will vary depending on the circumstances.
Having thousands of dollars in credit card debt can quickly become overwhelming. In many cases, it does not matter how the debt arose. What matters is how consumers deal with it. Bankruptcy may be the right option for some millennials who simply need a fresh financial start in order to give them the opportunity to do things better. Consulting with a Texas attorney experienced in area of law could help provide a clean slate with which to begin again financially.