The PROBLEM 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.