While some might say that being in debt is just the American way, no one enjoys the accompanying stress. Further, no one enjoys the piles of mail and constant phone calls from debt collectors. These headaches may worsen, however, as debt from 2020 continues to settle in. For many, this is also in combination with debt accrued before the viral pandemic.
“Across all generations, nearly one in four cardholders expect to die in debt, including those in wealthier households,” states recent data from Harvester.
This latest information also shows that millennials are mired in credit card debt; in fact, two in three millennials are carrying credit card debt. This is more than twice the number who have student loans. A mere 13% are debt-free. Overall, the attitude about paying off debts in general is not at all positive; in fact, data from Harvester states that one in four cardholders say that they expect to die in debt.
“Most conversations around millennials and debt center around the nation’s trillion-dollar student loan crisis, but the truth is, credit card debt is far more prevalent. With many millennials juggling student loan or car payments on top of credit card bills, it’s no wonder some think they’ll never be debt-free,” said Matt Schulz, CompareCards Chief Industry Analyst.
“Across all generations, it’s shocking that nearly a quarter expect to die in debt. Viewing debt as a financial death sentence only makes matters worse, and those in debt should commit to action wherever and whenever possible. An extra $10 or $20 toward monthly debt payments can really make a difference in the long run, especially when coupled with reduced spending or a side gig,” Schulz said.
No matter how old you are, debt can be a serious problem, and especially if you are being sued. If you have received a summons and complaint, chances are you have 20 to 30 days to respond, along with outlining a strong defense. Without attention to the matter of the collection lawsuit, a default judgment could be granted against you almost automatically. And while that may not seem like much of a threat if you have nothing left to lose these days, consider the fact that a default judgment can last up to twenty years in California.
Contact Fitzgerald & Campbell, APLC now. Let us review your case and discuss what would work best for you. We are here to help! Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, including collection lawsuits, default judgments, and more. Click here to schedule a free 30-minute consultation, or call us at (844) 431-3851, or email us at firstname.lastname@example.org.