Is the Millennial Generation Drowning in Debt?

Millennials, also referred to as generation Y, appear to be carrying a heavy load of debt. Millennials are the generation of young people who matured into young adults around the year 2000. CNN money recently reported that 4 in 10 millennials say they are “overwhelmed” by their debt according to a study done by Wells Fargo. Many are living “paycheck to paycheck” to try and get out of debt.  About 47% of those said they spend at least half of their monthly income on paying their debts. The biggest portion of this goes to credit card bills, followed by mortgage debt, student loans, autos and medical bills. Many want to start saving for retirement but at least 45% of the study participants said they have not been able to do so. The study also found that half of the participants who were college graduates two years out of school are still relying on family for financial support. These circumstances have also led to millennials putting off life milestones like getting married, having children or buying their own home.

If you are struggling with a load of debt, no matter what generation tag line you belong to, I encourage you to contact our office nearest you and schedule an appointment with one of our attorneys for a fee consultation to discuss bankruptcy or debt consolidation.