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Consumer Debt: Don’t Let Current Money Problems Ruin Your Retirement Plans

consumer debt
  • Sep 4 2019

While you may currently feel mired in ongoing financial troubles along with so many others suffering due to consumer debt today, remember that this situation does not have to remain permanent; in fact, you can get a grip on your troubles now with the help of a skilled debt protection attorney.

Whether you or a friend or family member are struggling, unexpected events may have played a major role in devastation to your finances. If you are enduring such a scenario, this could be due to a serious illness that has befallen you, or something like a catastrophic car accident that has caused life-changing injuries as well as emotional trauma. Unfortunately, other issues may accompany already hard times, causing economic problems too, from separation or divorce to other family issues, or financial issues like the strain of student loans.

Today, millennials are being hit harder than ever as consumer and household debt continues to grow to astronomical levels, and the student loan debt crisis also continues to overpower and overshadow the lives of so many, even throwing the youngest borrowers into bankruptcy and financial disarray. Retirement funds are being affected for many too. And while seniors are impacted by all of the same debts as everyone else—including student loans—the younger generations, especially Millennials, are beginning to dig into their retirement accounts prematurely; in fact, recent news shows that one in four may actually be using savings like 401K to pay off debts instead of looking toward the golden years. The common debts cited for removing the tidily stowed away funds are credit cards and student loans.

“Many [millennials] will not explore all options while things are still manageable,” said Mark Struthers, financial adviser at Sona Financial. “They wait until things are desperate and options are few.”

Removing such funds is not always prudent, and it comes with added fees and complications, not to mention to loss of money that will be needed later—and can be extremely difficult to replace, despite the best of intentions.

“It’s very, very expensive money, so you might be better off going to mom and dad for a loan,” says Chris Chen, financial adviser at Insight Financial Strategists.

If you are finding it difficult to pay your bills, or are being sued, or have judgments granted against you, contact us at Fitzgerald & Campbell, APLC. We can review your current situation and discuss your options with you, whether that means fighting in court, negotiating a settlement, filing for bankruptcy, or more. Our attorneys have decades of experience representing clients in all types of financial matters, and we are here to help you! Call us today for a free consultation at (855) 709-5788 or email us at info@debtorprotectors.com.

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