You really do have to feel sorry for Millennials. Every day there is a new article bashing the latest generation as if they are to blame for all the economic woes of the 21st century. Everyone loves to write articles about how Millennials are killing this industry or that industry, not buying homes or cars, delaying marriage and kids, entirely without looking at the factors that influence their buying behavior. Millennial’s are the children of the Great Recession, often seeing their parents lose their jobs, their homes, and the security such things normally offer a family.
Additionally, Millennials have taken on debts of their own as they try desperately to climb the economic ladder.
One of the largest types of debts that the millennial generation is likely to carry is student loans. The emphasis on college as the answer to getting the keys your very own American dream has fueled a boom in enrollment, not to mention in for-profit colleges who want to service this boom along with more traditional education outlets. Competition has been fierce, and tuition costs have soared along with the cost of the average textbook.
Unfortunately, a large number of students find that they cannot achieve adequate employment in order to pay their college or vocational education debts. The legend of the barista with a Masters degree working at Starbucks, is actually rooted in truth, especially for those who graduated at the height of the recession.
These are the students who stumbled early and hard after graduation, struggling not just to pay their loans but to eat and keep a roof over head. To a large degree the sharing economy that is in full bloom today was born of the hardships these students faced and debt that they are continually struggling to pay down. It is no surprise that along with student debt, credit card debt is in the mix as they struggled to put gas in the car to get to the job that didn’t pay them enough to have their own apartment. That is rarely of one type, but instead is a large and varied problem that needs a nuanced approach, instead of platitudes and finger-pointing.
Millennials are not killing anything, they are struggling to survive in a world where a dollar not only doesn’t go as far as it used to, but stops at the $.99 Cent Store.
Whether or not you are a Millennial, Gen X, Boomer, or Generation Z, at Van Horn Law Group we understand that you can get in over your head at any point in your life from college well into retirement. If you are having trouble with your debt, whether it’s student loans, credit cards, or even medical debts, we can help you to get a grip on your debt.
Call us for a free initial consultation at either our Fort Lauderdale or West Palm Beach office, both are open seven days a week. And once more, your initial consultation is free, so call today.