24 Sep Millennials and the Credit Card Epidemic
The Epidemic of Credit Card Debt on Millennials
More than ever before, everyone is talking about debt, credit card debt, student loan debt, tax debt, cost of living, and so on. It’s nothing new, debt has been around for as long as we have and at some point, everyone has it. However, in today’s world, more people are talking about it, mainly how to get themselves out from under all the crushing pressure of it.
With the age of technology, it has made it easier to acquire credit cards, which makes getting into debt a lot easier as well. A lot of the older generations had been through some of the darkest time in financial history. Things like the Stock Market Crash in 1929, or the gas crisis during the 1970s, which meant they could not depend on financial institutions. These times created a stigma against credit cards pushing you into a financial struggle, so older generations either bought things if they had the money or waited and saved up until they could afford it. It seems the term for the younger generation holds now more so than ever before, “The Now Generation.”
What Millennials are facing when it comes to Credit Card Debt
According to a survey from a nationally recognized financial company, around 40% (+/-) of debt that millennials say that they are facing is not student loans as once thought, or even mortgages, it’s credit card debt. It was also suggested that many do not even know what percentage of their wages are needed to pay the interest alone. One of four people don’t even seem to know how much the credit card companies are charging them or they do not seem to understand the repayment process.
Usually for every $100 of credit used the interest rates are somewhere around 18 – 25% or even more, or to put it in simpler terms, for every $100 you’ll pay $20 or so in interest, so if only the min payment is made each month, depending on how much is owed, will only barely cover just the interest on the principal and not the principal itself. This is what millennials do not understand; they do not realize that when they only send their monthly min payment, it could take years to pay off just $500 credit card debt.
The millennials are primarily in credit card debt even over student loans, and some do not yet have mortgages, what’s more, it has also been suggested, that around 35% or more, does not even know how much of their monthly income goes just in paying the interest rate of their credit card debt. They have placed themselves deep in debt with the ideology of what they want right now versus saving up for the purchase or for a rainy day. Some studies show that millennials are in much more debt than their parents were at their age and 44% of their total debts account for 35%+ or more of their assets, simply because of not understanding credit card management and spending wisely.
There is a real struggle with debt wealthy and poor alike and everyone in between; no one is immune from some type of debt. However, it is how finances are managed that makes the difference between living comfortably and struggling from payday to payday.
Having financial advice and planning, budgeting and curbing excessive spending habits is always welcomes. With a well-grounded debt relief program, and your debt can become managed where the struggle will eventually lessen and you can feel less pressure.
On average, they can settle 50% or more of your debt through our debt relief process making credit card debt relief possible. However, the spending lifestyle has to change, and the first step is to cut up those credit cards and not apply for any others. A debt relief program is only as good as you want it to be and will only work if you’re truly serious about getting out from under the pressure of it. You must learn a new way of handling your finances and stick with it, and this is what the professionals at Consumer Credit Card Relief specialize in.
Debt relief programs are not loans.
Loans only add to the debt that already exists. Debt relief programs are a financial plan to begin working down what is owed, without piling on more. You can think of it this way; you didn’t get into this overnight, you certainly will not get out of it overnight, it will take time, determination, hard work and one step at a time. Debt relief programs usually also have advisers and coaches that accompany you through each step. They are there to support you and help any way they can, on your journey from drowning in debt to being able to breathe. Having someone that you can talk with about how the debt relief program works, will make a massive difference in your outlook of the future, and will change your financial habits.
Consumer Credit Card relief has a debt relief program that not only helps you back to financial freedom; it helps show you how to change your life to stay debt-free as well. They are with you every step of the way and will not let you down or leave you when you need them the most. They will help talk with the credit card companies to work out lower rates and rework your entire situation. They have a proven track record that is way ahead of most other companies out there that make promises only to leave you standing alone after they get their payment or whatever it may be that they are wanting. You can rely on them today, tomorrow and long into the future. Learning how to spend is easy, learning how not to spend is the challenge, and it will take a lot of support and professional help to achieve the results that you want and need. Don’t be apart of the problem be apart of the solution, learn how to spend and save wisely now for you and your family’s future.