How are millennials doing when it comes to credit score?
On behalf of The Rollins Law Firm posted in Personal Bankruptcy on Monday, September 28, 2015.
Your credit score is a very impactful number. It can affect your financial life and everyday life in many ways, as it can influence what sorts of opportunities will be available to you.
Thus, having a low credit score can be very problematic. Given this, some recent statistics regarding the credit scores of individuals in the millennial generation could potentially be a source of worry. The statistics indicate that millennials tend to not have as high of credit scores as individuals coming from other generations.
Some estimates have put the average credit score of individuals in the millennial generation at 628. This average score is:
- Lower than the estimated average score of any of the other generational groups.
- Well below (around 50 points below) the national average.
Some of the things that are thought to possibly be behind the low credit scores among millennials are lack of strong knowledge of the credit process, lack of credit history and neglect of credit cards. Why do you think millennials are showing such low credit scores?
Many different things can cause a person's credit score to be low. Thus, a person's individual financial circumstances can very much impact what sorts of things could help put them in a position where they can start improving their credit score. In some instances, bankruptcy can assist in resolving a person's debt situation in a way that they are able to start repairing a weak credit score. Bankruptcy attorneys can help individuals in the millennial or any other generation who are facing credit or debt difficulties with understanding what their debt situation is and whether their situation is such that bankruptcy might be able to put them on the path to getting their credit score and overall financial position back in a good place.
Source: Atlanta Journal-Constitution, "Millennials' low credit scores explained," Sept. 5, 2015