You Have the Choice to Take Back Control of Your Financial Future.

Millennials: some credit, savings and spending considerations

On Behalf of | Aug 21, 2015 | Avoiding Bankruptcy

Do you perchance have children positioned somewhere within the 19-34 age demographic that entitles them to membership in the group commonly termed Millennials? Or do you perhaps fall within that select grouping yourself?

If so, this blog post targets you. Some people are worried about Millennials (aka members of Generation Y), given that this vast group apparently takes home the dubious award “for being the least credit savvy when compared to previous generations.”

Don’t feel too bad about that, though, says a commentator on Millennials, credit and debt. Gen-Yers might not be especially savvy about money matters, notes Rod Griffin, a journalist writing for global information services company Experian, but “they are more empowered and informed than any previous generation” and thus eminently capable of steering a straight financial course.

The journey toward ultimate solvency and a comfortable level of amassed savings can be far from placid, though. In fact, it can be full of landmines and warning signals that need to be heeded.

Following are a few, presented courtesy of the Experian article.

Don’t run from credit. That is, don’t simply avoid using credit because you’re scared you will slip into a debt quagmire. As Griffin notes, “Credit is a financial tool, debt is a financial problem caused by misusing credit.”

And watch that student debt. Certainly, some debt accumulation for education is warranted. A person can pay “Y” dollars for a degree or “Y times 10,” though, so shop around. Compare schools. Look closely at lenders. Just be wise.

And forgo some of those “I need it now” and “I’ll only get one chance to do this” urges. Actually, you might not need it at all (although you do want it), and that only-once opportunity might, well, come along again. Such things frequently do.

If you’re young and striving hard to avoid unmanageable debt, amass savings and establish a positive credit footprint, good for you.

Conversely, if things are getting a bit out of control, with your angst rising in tandem with your debt obligations, you might reasonably want to consider discussing your financial situation and some responsive strategies for dealing with it with a proven debt-relief attorney.


Kingcade & Garcia | A Miami Law Firm