Not only can debt troubles have major financial implications for a person, they can also impact some very fundamental aspects of a person’s life. For example, when a person has high debt, the debt and issues related to it may factor into major life decisions they make. A recent Bankrate survey indicates that many millennials are deciding to hold off on major life events due to their student debt.
In the survey, individuals from various age groups were asked whether their student debt payments had caused them to put off a significant life event. Of the surveyed individuals in the 18-to-35 age group, over half, around 56 percent, said they had delayed such an event over student loans.
The two most commonly reported postponed life events among millennials in the survey were purchasing a home and purchasing a car. Coming in the next two spots were marriage and building up retirement savings.
Thus, it appears that student debt is having some pretty big impacts on the lives of millennials.
Given how many aspects of a person’s life can be affected by their debt levels, when a person is struggling with debt, such as student debt, it is very important for them to not just ignore the problem and hope it will go away. A person should not have to simply live with having their life held hostage by high debt.
Rather, when student debt difficulties strike, a person should seek out the help of a skilled professional. Helpful debt relief options may be available. Skilled bankruptcy lawyers can provide individuals who have high student debt or high levels of other kinds of debt with clear explanations of what sorts of things can be done to address their debt problems.
Source: International Business Times, “Millennials’ Student Debt Means Postponing Life Events Like Marriage, Home Buying,” Julia Glum, August 5, 2015