For older consumers, 2020 did not mark their first rodeo in terms of enduring a recession; however, for most, undeniably it was the strangest situation. For those who became ill or lost loved ones to COVID-19, it was traumatic and may have ended in tragedy. Around the world, that is not an uncommon story, and unfortunately, chapters continue to be written. The younger generations are struggling in ways their parents and grandparents may not quite grasp though, especially having just joined the workforce—only to see their hours cut drastically or experiencing complete loss of jobs.
And while recent news points out that the Gen X generation is very worried about finances right now, Millennials are stressed too, and significantly fewer are saving for retirement these days due to so much personal and professional upheaval. That’s no surprise for any of us though, really—after all, if you are worried about, are worried about having COVID, are worried about your family surviving, and a virtual apocalypse seems imminent—well, who’s really worried about retirement funding at the moment?
While half of the Gen X group does have retirement accounts set up, 13 percent of Gen X is doing the same, but no one is putting cash into them. Taking a look at Millennials shows that 54 percent do not have retirement accounts set up, and of those who do—only 11 percent are funding them at all. It makes sense that individuals not funding retirement aren’t doing so simply because they can’t. After the devastation of 2020 and into 2021 too, it is obvious why so many are unable to make retirement funding happen—not to mention paying many other bills such as private student loans, credit card bills, and for many, even more problems with the mortgage payment or car loan.
For younger generations suffering under the stress of legal action, the situation grows more dire. For those who may have never even handled a household budget, trying to deal with a summons and complaint could be difficult. No matter what age the defendant is, however, a collection lawsuit should be dealt with as quickly as possible. Usually, there is a total of 20 to 30 days allowed to come up with an answer as well as outlining a defense. Without such action, the consequences could be much worse, and especially for a younger debtor with little idea of how to navigate the court system. For many younger consumers mired in debt, age does play a large role as they are still learning how to balance their finances, and often massive student loans figure into the equation also.
If you are being sued, contact an attorney from Fitzgerald & Campbell, APLC as soon as possible to avoid the possibility of having a default judgment granted against you, which could result in the following: wage garnishing, levying of property, or freezing of checking accounts.
Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com.