Collections Lawsuits: Why Millennials Get Sucked into Credit Card Debt
Whether you are one of the millennials who are setting trends today or the parent to one, you are probably aware of the stereotype. This is a generation that is said to be changing some of the ideals as we know them in terms of becoming independent and heading into adult life. From the millennial perspective, buying a car isn’t so necessary; after all, why bother when you can call an Uber, ride a bike and get some exercise at the same time, or catch a ride with someone else? They may not feel the strong need to purchase a new vehicle, make monthly payments, and buy car insurance too. This also goes for buying a home, or even renting a place.
And although this phenomenon is not unusual in other countries, many adult children are staying home in the US now longer than ever, or couch surfing indefinitely, putting off paying hundreds or thousands each month for their own shelter. But while the millennial crowd is said to so strongly eschew going into debt, like so many other consumers, they may not be able to avoid the temptation of taking on credit cards. Indeed, recent news points out that millennials are considered ‘elusive’ to lenders like credit-card corporations. Studies also show that not only are they reluctant to take on as much debt, but they are more likely to suffer from regret later—in comparison to other, older age groups.
“Millennials are more experienced in other payment forms,” says Todd Nelson, senior vice president of strategic partnerships at LightStream, an online lender. “Credit cards are used less by them than by previous generations simply because of the choices that they have.”
Once ensnared by bonus points, rewards, and zero interest, however, millennials may find themselves just as drawn in—and find themselves having an even harder time digging themselves out if they have not already established their careers and their incomes. If they are burdened with student loans, especially private ones, they may also be so strapped that they can barely purchase the essentials. This means that credit cards may turn into a temporary form of income, leaving consumers to navigate through a dangerous financial game that could result in collections lawsuits and default judgments.
If you are concerned about serious financial issues and growing debt, consult with an experienced law firm like Fitzgerald & Campbell, APLC as soon as possible. A solution can be found to help you through any of these issues, even if a judgment has already been granted.
Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include collection lawsuits, default judgments, and more. Let us review your case and discuss what would work best for you. We are here to help! Click here to schedule a free 30-minute consultation, or call us at (855) 709-5788, or email us at firstname.lastname@example.org.
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