When a Virginia reader is dealing with debt, he or she may decide to take a look at the budget, perhaps get a second job and focus on paying down the balance for a few years. Sometimes, this works, and a person can get rid of his or her debt through discipline and hard work. For others, however, an overwhelming amount of debt can be completely beyond their abilities to pay, even with years of budgeting and timely payments.
Millennials are a specific demographic that may fall into this second category. For many of them, they are young adults with jobs, yet they are facing decades of paying down debt. As you can imagine, this is a stressful and sometimes desperate scenario, especially for a person who is young and has many other types of financial responsibilities.
What's the problem?
Millennials often have a poor reputation as people commonly assume that these young adults are more prone to poor money habits and an inability to function responsibly in the adult world. However, this is likely an unfair assumption as you and many other Millennials are doing your best and trying to deal with the immense burdens you are carrying.
For example, this generation tends to have a large amount of student loan debt. Due to rising expenses and astronomical tuition costs, they had to assume a lot of debt simply to go to school for a degree that they needed. Without a degree, many of them would be unable to find a job that would pay a living wage or provide enough for them to live comfortably.
Types of debt
Student loan debt is only a small part of the problem. Like other adults of all ages, many Millennials have car loans. They may also have mortgages, credit cards, children and various other types of financial obligations. This can lead to a serious struggle, and sometimes, they may fall behind on payments.
A potential solution
In some cases, it makes sense for a person to file for consumer bankruptcy. While this option will not allow for the discharge of certain types of debt, such as student loans, it can help with other balances. This includes credit card debt, medical bills, car loans and mortgages.
Bankruptcy may not seem like a good choice, but in reality, it can offer a financially overwhelmed consumer the opportunity to obtain a fresh financial start. For an overwhelmed and stressed out Millennial, speaking with an experienced attorney regarding his or her options may be a good place to start.