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Living with debt: The problem today's youth faces

Having debt as a young adult is definitely something that impacts you. You might have just graduated from college with high student loan debts, or maybe you have high credit card debts from spending too much as a teen. Whatever the reason is for your debts, they affect you in almost every aspect of your life. If you want to go out on the town, your funds might be limited because of high credit card payments. If you want to rent an apartment, you could find that your credit score holds you back, especially if you have missed student loan or credit card payments.

Credit card debt is high among young adults, and many do end up in bankruptcy. Student loan debt, according to a report from the Consumer Financial Protection Bureau (CFPB) has topped $1 trillion dollars. That money has to come from somewhere, and for many, it's a burden that holds them back.

The problem with debts like student loans are that they can end up being very high and are taken out with the hope of getting a job good enough to pay them back. Unfortunately, that doesn't happen for everyone. Student loan debt is often not able to be discharged in bankruptcy, yet people still take it on as a huge financial risk.

Credit card companies bear some of the blame for teens and young adults struggling, too. They are seemingly eager to give cards to young adults, and then their high interest rates bring in the cash for the companies. Sometimes the interest rates, combined with fees, result in repaying the principal balance time and time again without ever paying off the debt in full.

If you find that you can't get ahead, there may be debt relief options you can use. Unsecured debts can be discharged in bankruptcies, while secured debts, like student loans may be refinanced or adjusted for easier payments. Your attorney can help you find the best way to a clear financial path.

Source: NerdWallet, "Sitting Down With Professor Thorne – Young Adult Debt: It’s a Drag," Greg, accessed March 17, 2017

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