Hundreds of thousands of young adults owe more money on their credit cards than they have in their savings. People between the ages of 30 and 50 are the ones hit the hardest. A savings account stocked with emergency funds can be quite challenging for a young adult. Why? There are many reasons.
Debt does not discriminate. It can happen to anyone for a number of reasons. A common reason is credit cards. Credit card companies are eager to give cards to young adults with high-interest rates. These high-interest rates benefit the credit companies, leaving a young consumer overwhelmed with fees and interest making it impossible to pay off the balance. The bankruptcy attorneys at Hines Law can help you find the best way to a clear financial path.
Student loan debt is another reason for young adult debt.
The problem is that graduates are not getting jobs or high enough salaries enabling them to pay off the student loan. Young adults who attend college on student loans need decades to pay them off. It is a compounding factor in young adults turning to credit cards to make ends meet. This makes for financial difficulty when trying to buy a home, raise a family or buy a car. At the end of the day, it is quite challenging for a young adult to save for a rainy day, or at the very least, for the future.
Job loss is an obvious reason for young adult debt. This is paired with low paying jobs and not receiving pay raises. Any financial situation is fiercely and negatively impacted especially when there are no savings in the bank.
Dealing with financial problems as a young adult is overwhelming at the very least. If you feel like you can’t get ahead there may be debt relief options for you. Hines Law is a bankruptcy firm serving the Boston area for over 10 years. Our attorneys are experienced and have a high degree of success in helping our clients obtain debt relief. Call us today for a free consultation, we are here to help!