Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Young and debt-burdened Americans increasingly forgo living on their own

It's become a familiar story by now: many young people, after having completed their education, are unable to come into their own independence. Crushing student loan debt from inflated education costs combined with continuing challenges in the job market has been a good recipe for bad economic progress for many educated young Americans.

Purchasing vehicles, obtaining a mortgage, having a family, and many of the other marks of adulthood are either very difficult if not impossible for many to achieve in the current economic climate. Because of it, many graduates are all but forced to live at home and forgo striking it out on their own. According to a Pew Research Center poll from 2014, Americans between the ages of 18 and 34 are now more likely to be living with a parent than on their own or with a partner. This is the first time this has happened since 1880!

Laboring under crushing debt as a young person, as some of our readers may know, is demoralizing, especially when forms of significant debt other than student loans. Young people with serious medical conditions or who have children with serious medical conditions, for example, may end up with a great deal of medical debt on their shoulders. In desperation, many people end up paying bills off on a credit card, which can make things go from bad to worse as high interest rates hike their debt up quicker.

For young people in such situations, it is important not to let things continue to get worse and worse, but to address the situation and come up with a plan. There are a variety of options short of bankruptcy that may potentially be helpful. For those in the worst situations, though, filing for bankruptcy may be the most sensible way to deal with their debts. Young people who are hopeless about their financial situation can benefit from consulting an experienced bankruptcy attorney to have their case evaluated and to determine whether bankruptcy relief may be a wise move for them. 

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.