The Millennial Credit Problem
There are a lot of things that can be said about Millennials in general. They don’t fit any particular mold of how people have behaved in the past, which is why researchers have been putting a lot of time and money into researching their behaviors and thinking patterns to try and understand how to market to them as well as why they do the things they do. And though there hasn’t been much progress in trying to understand Millennials all that much, there is one thing we know for sure. Millennials are struggling to manage their finances. Fortunately, there are options available for those who don’t know how to get out of it.
What is wrong with Millennial’s credit?
The average credit score for a Millennial is 625, a third of which is below 579, according to The M Report, which suggests that Millennials are struggling to prove that they are worthy of credit. Millennials view home ownership as unnecessary, especially if they aren’t ready to settle down, and they tend to believe that buying a car isn’t worth it because they can use public transportation and save the environment some heartache, so the low credit scores may be related to that. The truth, though, is that a lot of Millennials are struggling under mountains of student loan and credit card debt that is keeping them from feeling like they can move forward. If you are in this category of people, there are ways to help you get out from out of all that debt and start to get rid of the stress of too much debt.
Options available for Millennials
The best way to prove you are good for credit is to get that debt paid off, but it may seem daunting to deal with. A lot of people who have piles of debt don’t even know how much they have total because it is too scary to take a peek. Speaking with a professional will make all the difference. They will survey your total amount of debt and where it all comes from. Then, they can make recommendations on how to proceed to get it all paid off. One example might be to consolidate credit into one loan, so you can see exactly how much is owed and watch it go down over time. Another option might be to call your creditors and see if they will make a deal to lower the amount owed. One way or another, anyone struggling with debt should work with a professional to figure out how to get out of debt.
Source: http://www.themreport.com/headline/02-11-2016/millennials-credit-problem
Financial Tips For Every Age
Everyone struggles with their personal finances, no matter how much money they make or what their lifestyle is like. Those with a lot of money often hire expert planners to take care of their spending habits for them, but even in those cases, we’ve seen plenty of stars struggle and go bankrupt within a few years of making it big. Fortunately, it doesn’t have to be that way, and you can find ways to manage your personal income without any help. Here are a few tips, thanks to Forbes, to help with your financial future and staying debt free.
Credit Card Debt Piling On Fast
Most American adults have a credit card, and they usually don’t even realize how much money is being spent on the card every month. There are those who pay off their cards every month and don’t see any kind of consequences to using credit cards (called convenience users). This makes up about 35 percent of credit card users aged 25 to 50, according to Bloomberg Business. The rest of the credit card users are considered revolving users because they do not pay off the bill every month and are constantly paying interest on the credit card debt. Even the average 80 year old owes credit card debt. It is true that it starts when you are young and becomes a habit ingrained in you until it gets so bad that you really don’t know what to do. If you are looking to get out of the cycle, talk to an expert about the best option for you.
