Do Millennials Need More Debt Relief Than Previous Generations?

The average person in Florida might be hard-pressed to find a news article that shines a positive light on the millennial generation. Frequently criticized for supposedly taking down the napkin and chain restaurant industries, articles often shine a light on the difficult financial situation that many millennials find themselves in. While it might be true that some of the young adults in this generation are in need of debt relief, many are doing just fine.

Millennials range in age from late 20s to their 30s; and their spending habits reflect their age. That is not necessarily a bad thing, though. According to an expert in personal finance with NerdWallet, millennials are on track to be in the same financial position as baby boomers in a few decades. This seems to contradict what many people love to believe about millennials, which is that they are irresponsible with their finances.

What may come as even more of a surprise is that millennials’ financial priorities are largely the same as those of their baby boomer parents. In a survey that asked adults what they would do with an extra $1,000, the majority of both generations prioritized saving and investing. One surprise was the baby boomer attitude toward traveling. In this survey, 7% said they would spend the money to travel while only 3% of millennials would use the money for that purpose.

While it is good news that adults of all generations have their financial priorities in order, having good spending habits does not necessarily prevent anyone from going into debt. Additionally, millennials are not shielded from needing debt relief just by virtue of being young. Rather than spending years trying to climb out of impossibly steep debts, some young adults in Florida might find a better outcome from pursuing personal bankruptcy.

With student loans becoming an increasingly hot button topic as a pressing financial concern and burden for the financial livelihood of millennials, more people are seeking ways to find a debt solution in Delray Beach.

It is important that if you are a young person—or of any age—seeking debt plan or debt program in Delray Beach, that you contact a professional. The Law Office of John E. Mufson has been helping people in South Florida get debt relief for more than 25 years. Call us today at (561) 272-1003 for a free consultation.

Struggling with Student Loan Harassment in Delray Beach, FL?

Is Bankruptcy an Option to Eliminate my Student Loan Debt in Delray Beach?

Many people who go to college find themselves with thousands of dollars worth of student loans once they graduate. Even if you get a job right away in the field you studied, it can be difficult to make these monthly payments on your loans. This can lead to falling into other debts, such as credit card debt or personal loan debt. If you’re struggling with your student loans and constantly facing student loan harassment in Delray Beach now is the time to contact The Law Offices of John E. Mufson. John Mufson and his team can help you find the right debt solution so you can begin lowering your debts.  

While bankruptcy doesn’t forgive student loan debt, it’s still an option for many people who are struggling with student loan debt. If you have significant student loan debt you might also be struggling with other debts, some of which could be forgivable through bankruptcy. If you’re tired of student loan harassment it’s time to speak with our attorneys and learn about your options. We can help you find a debt solution to help with your unmanageable debt situation in Delray Beach.  

At The Law Offices of John E. Mufson we offer free consultations and will sit down with you to take a look at your current financial situation. Many people who find themselves with student loan debt also have other forms of debt, from personal loans and auto loans to credit card debt and more. Chapter 13 bankruptcy could be an option for you if you have too much student loan debt. This form of bankruptcy will put an automatic stay on repossession, foreclosure, and wage garnishment. If also stops student loan interest from accumulating, while rolling in past due payments into a new payment plan.  

If you’re struggling with thousands of dollars in student loan debt that you simply can’t make the payments on it’s time to call The Law Offices of John E. Mufson. Bankruptcy could be an option for you and our attorneys will help you find a debt relief plan that fits your financial situation. John Mufson and his team have the experience and expertise to help you find a debt relief plan in Delray Beach. Call our office today at (561) 2721003 to schedule a free consultation and learn about your options to end student loan harassment in Delray Beach.