Millennials Facing Financial Woes; Personal Bankruptcy for a Better Future

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Millennials seem to be facing numerous financial woes. With rising education costs, an unpredictable housing market as well as an extremely difficult and challenging job market, they are entering adulthood with tremendous debt.

More and more people under the age of 35 are filing for personal bankruptcy in hopes of redemption from their financial woes.

If done right, with the help of a trusted attorney, bankruptcy can set you up for a much better financial future.

How does this happen? How do so many “younger” people get to this point?

Loan Debt
Student loans, car loans, medical loans and credit card loans are the biggies. Massive debts from loans consume younger people as they enter into the professional work force and must begin paying back all these loans at once. There’s not much money left over after loan payments are made, forcing many millennials into financial desperation quite quickly.

They Don’t Save
Not being able to save money due to their tremendous debt is not only scary, it’s also not wise. Medical emergencies, car repairs and job loss are just a few unpredictable instances which rely on savings. Without savings you are vulnerable and may put your family at risk. Also, not being able to save makes for a scary future.

Quick to Spend

Characterized as the generation of immediate gratification, meaning they buy what they want, when they want even if they don’t need it, seems to contribute to their unstable financial situation. Expecting instant results is only short-term gratification and leaves the “spender” with an empty bank account. They turn to credit, which only makes things worse in the long run because it undermines the need to save money.

It is crucial to address these financial issues and find a lasting solution. Bankruptcy options are available. The bankruptcy attorneys at Hines Law can help you make an informed decision.

We have five locations throughout Massachusetts, including Framingham, Westborough, Leominster, Watertown, and Worcester. Call today to set up your appointment 781-277-0411.

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