Debra Booher & Associates Co., LPA
Click here to get your free Legal evaluation
Call Us Today Toll Free 888-542-1300

Debt management tips for millennials

By now, most Ohio millennials have graduated college and are getting ready to buy their first home, raise a family or start a business. However, around two-thirds of the millennial generation are paying back a significant student loan or another type of long-term debt. Therefore, it is important for them to learn strategies for getting out of debt and building a successful financial future.

The first step to getting out of debt is to acknowledge it. To get a clear look at the situation, millennials should take the time to list all their debts, including student loans, credit cards, car loans, mortgages and medical bills. Second, a budget should be created and at least the monthly minimum on each obligation should be met. Student loan debt should be made a priority. The faster such loans are paid off, the faster other financial goals can be met.

Experts also recommend that millennials learn the risk of debit cards. While they are convenient, they don't offer the same purchase protections as credit cards. Some palces also place holds on debit balances that make funds unavailable until the transaction clears. This can cause financial conflicts. Finally, millennials should save as much money as they can for retirement and emergencies to avoid future debt.

Sometimes debt becomes overwhelming, and it becomes necessary to seek help. Millennials facing financial challenges may find relief by contacting an attorney. Legal counsel could carefully review a client's financial situation and recommend the best way forward. One possible solution may be to file for Chapter 13 bankruptcy, which will break debt down into manageable payments, allowing an individual to make a fresh financial start.

Source: WBRC, "7 Ways millennials can master the get-out-of-debt struggle," Andrew Housser, Jan. 30, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Toll Free: 888-542-1300
Phone: 330-253-1555
Fax: 330-253-1599
Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Toll Free: 888-542-1300
Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Phone: 216-447-0207
Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Toll Free: 888-542-1300
Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Phone: 330-492-9600
Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Phone: 330-297-5200
Map & Directions