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Chapter 7 not the only option for struggling millennials

When one considers the question of debt as it pertains to young people, the first type that comes to mind is debt accrued for educational purposes. Certainly, student debt makes up a considerable chunk of the money owed by millennials here in Kentucky and elsewhere, but an uncertain economy and an increasingly tumultuous job market has led many young people to rely on credit cards to shore up the difference. Before considering a Chapter 7 bankruptcy filing, it may be helpful for millennials to gain a better understanding about how their debt works, and what it will take to pay it down. 

For roughly 40% of millennials, credit card debt comprises the largest portion of their total debt load. Surprisingly, however, roughly 25% of those polled were not even aware of how much interest they were being charged on a monthly basis. This is true of many indebted Americans, who also do not understand how much of their monthly income is put toward paying down that debt. 

This is particularly harrowing for even the wealthiest of millennials, as at least a third of those with $250,000 or more in investable assets believe they will still retire with debt. Of course, some financial planners speak to the ideas of "good" and "bad" debt. However, most agree that high-interest debt like credit cards can seriously damage long-term financial planning. 

Thankfully, Kentucky residents facing high rates of debt have multiple options available to them to counter it. Whether this begins with budgeting and/or loan consolidation, or a more comprehensive payback plan, the opportunity exists to relieve debt through responsible spending habits and careful planning. For those struggling with extreme debt, a Chapter 7 bankruptcy filing overseen by an expert attorney can forge a path toward renewed financial stability. 

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