As the economy continues to rebound at a seeming geologic pace, Colorado Springs debt relief attorneys know that Americans aged 25 and younger still face great challenges finding a path to financial and job security. This two-part series on young Americans and debt will focus on two areas of concern: the economic realities facing many recent college graduates, and minors, credit and financial literacy.
For the recent college graduate, Colorado Springs debt relief lawyers report a troubling outlook. The employment rate for young adults today has dropped to 54 percent -- the lowest since the government began tracking such data in 1948.
The Grand Falls (NY) Post-Star reports that as of 2011, outstanding student loan debt has now exceeded both the $1 trillion mark and our national credit card debt for the first time ever. And, for those college students who graduated with student loans in 2010, on average they carry more than $25,000 in debt into their post-college lives.
Unfortunately, they are carrying that debt into a bleak job market while also frequently bearing other significant debt in the form of credit cards, car payments, even medical bills.
According to a recent survey conducted by the Pew Research Center, for young Americans aged 18 to 34, the recession has done more than drain their bank accounts.
The PRC report further reveals that:
~ 24 percent of young Americans surveyed say they have taken an unpaid job to gain work experience,
~ 24 percent say that they have moved back in with their parents, (among those ages 25 to 29 that number jumps to 34 percent),
~ 22 percent say they have postponed having a baby because of the bad economy, and
~ 20 percent say they have postponed getting married.
Colorado debt-relief attorneys with the Law Office of Stephen H. Swift understand that the financial pressures facing young Americans today can seem overwhelming. With that said, we have been helping people achieve debt relief for more than 20 years. During that time, we have helped thousands of Colorado residents make a new financial start by eliminating or reducing their debts. Call us today at (719) 520-0164 to schedule a free consultation.