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GEN Y TRAPPED: MILLENNIALS IN DEBT

debt, Millennials, Generation Y, Gen Y, Baby Boomers in debt, seniors in debt, student debt, student loans, credit card debt, bankruptcy, trustee, financial plan, gen y debt, starting over starting now, trustee, millennials in debt, gen y in debtMillennials in debt is an important issue. There’s been a considerable amount of press surrounding the problems facing Baby Boomers in debt and seniors in debt and we’ve devoted quite a few blogs to these very serious issues:

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However, the Millennials (children born between 1982 and 2002), also known as Generation Y or Gen Y, feel trapped as millennials in debt. Only now are we realizing how dire their situation is. BMO recently did a survey of Millennials in debt and discovered that:

  • 56% are so anxious about their debt they think about it multiple times a day.
  • 50% said debt has made them lose sleep.
  • Their household debt is $73,305.
  • 50% feel ashamed at the level of debt they’ve accumulated.
  • 50% of Millennials in debt have had arguments with family, friends and partners over debt.
  • 51% have borrowed money from friends or family to manage household debt levels.
  • Nearly 60% viewed their debt as a major personal problem.

In addition Millennials in debt are more burdened by student debt than their elders, according to David Coletto, chief executive officer of Abacus Data. He goes on to say, “People are maxing out their student loans and getting loans from family to supplement.”

The reality is that debt is increasing across all demographics and the issues facing Millennials in debt should not be ignored. Whether their debt originated with student loans, credit card debt or some other issue, it needs to be managed as quickly as possible by a professional trustee. Contact Ira Smith Trustee & Receiver Inc. for professional advice and a solid financial plan so that you can live a debt free life Starting Over, Starting Now.

By Brandon Smith

Brandon Smith is a licensed insolvency trustee and Senior Vice-President of Ira Smith Trustee & Receiver Inc. The firm deals with both individuals and companies facing financial challenges in restructuring, consumer proposals, proposals, receivership and bankruptcy.

They are known for not only their skills in dealing with practical solutions for individuals and companies facing financial challenges, but also for producing results for their clients with realistic choices for practical decision-making. The stress is removed and their clients feel back in control. They do get through their financial challenges and are able to start over, gaining back their former quality of life.

Call a Trustee Now!