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Bankruptcy and the Millennial Generation

The millennial generation is knocked quite a bit by the media with negative stereotypes about the kind of people these 22 to 36-year-olds are in our society. They get a bad rap for being cocky, lazy, or even impatient.

The truth be told, however, that millennials have a number of amazing qualities that make them excellent employees and business leaders.

Regardless of where you fall in your views on millennials, this generation is ripe for overwhelming debt that may lead to bankruptcy. Let’s delve deeper into the millennial generation and the role that debt is playing to shape this entire generation.

How Many Millennials are in Debt?

Millennials are born between 1981 and 1996. According to NBC News, approximately three out of every four millennials in the U.S. have some form of debt. A quarter of millennials are over $30,000 in debt, including 11% who are over $100,000 in debt. Only 22 percent of millennials are debt-free.

Despite these scary financial figures, millennials have quite a bit going for their generation. Millennials are driven entrepreneurs who have attained more college degrees than any other generation before them.

In the workplace, millennials bring a unique set of new technology skills that are far beyond older generations of workers. In fact, their skill set is almost intuitive, as many of them have been using technology since they began to talk and walk. As a group, millennials also volunteer for social and ethical causes more than any other generation.

 

What is Causing Millennial Debt?

So what is causing this smothering debt that has 75% of Millennials worried about their financial futures? The two biggest causes of debt are credit card overspending and crushing student loan debt. Most financial analysts believe the credit card debt is due to an inability to earn enough while paying off student loans. The credit cards then become a safety net for daily needs.

 

 

How Can Bankruptcy Help?

When it comes to student loans, bankruptcy will not help as these debts are not dischargeable. However, credit card debt is dischargeable. Millennials have the opportunity to get out from crushing debt in a few ways such as proving that these debts are too much to manage, or that they should be consolidated or rearranged to paid off over a longer period time.

Are you a millennial wondering if bankruptcy can help your financial situation? Talk to our team about what filing for bankruptcy would mean for you. Call the Law Office of Barry R. Levine today by phone at 978-922-8440, or visit our website at http://levinelawoffice.com.