Consumers of all ages in Tennessee struggle with debt, but there are some who are carrying a more significant load than others. Millennials are a demographic that has more trouble with debt than other age groups, and for some, the financial burden can be unmanageable. Many of these individuals who are struggling with paying bills and catching up could benefit from seeking debt relief through various options.
When polled, millennials state they are most stressed about their student loan debt and credit card debt. Around one quarter of this generation have mortgages, and over 40% have car payments. Overall, this is a lot of debt, and many feel that they can never catch up, especially if they have already fallen behind. With accumulating interest and regularly incoming bills, even a few missed or late payments can quickly snowball into an unmanageable situation.
Because of the amount of debt common with this generation, many of them say that they would consider debt freedom to be obtaining financial success. Statistics indicate that 81% of young households, which includes the millennial generation, has around $2 trillion in debt, collectively. Many of them remain unaware of how they can deal with this debt in a proactive and effective manner.
Through bankruptcy and other debt relief options, it is possible for a Tennessee consumer to deal with certain types of balances once and for all. If a person cannot keep up with his or her financial obligations, he or she may consider how bankruptcy protection could be the right answer for the individual situation. An assessment of the individual case can help a person see what option is the best.