Question Marks Persist Regarding Debt & Employment for Millennials

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Opinions are varied regarding employment bouncing back in the US, but for most Americans, they realize something has to done to get back on track. For many, that means taking jobs which they may be over-qualified for and not entirely excited to do, while others are taking completely new career directions after re-thinking their lives during COVID-19. The problem, however, for most, is underlying debt which may have existed previous to the viral pandemic, and that which may have been accrued after it begin in spring of 2020.

Concerns continue regarding the younger generations and how they will be affected also, including millennials. Not only are they stereotyped for their mindset in terms of doing everything differently—from eschewing buying cars and homes—but as a rule, they may not have the same work ethic as their parents and grandparents. It is of course normal for times to change, but lack of opportunities are also a serious problem for younger age groups. Recent news cites numbers showing that salaries for Gen-Z’ers and Millennials are also down by 20 percent in comparison to what their parents would have earned at the same time in their lives.

Other issues interfere too from rising tuition costs and the overall student loan burden, to the obvious financial consequences most of us are aware of stemming from 2020. If you are a younger person suffering financially and are worried ongoing delinquencies or the possibility of a collection lawsuit, speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible. This is a good time to get finances under control and to negotiate with creditors and debt collection agencies while they continue to be sympathetic due to so many negative repercussions stemming from COVID-19.

If you are being sued, do not delay in getting help. Any lawsuit must be replied to, otherwise you run the risk of worse problems—in the form of a default judgment. And while you may not currently worry about anything happening, what about in 20 years? A default judgment, generally granted when defendants do not answer to a lawsuit or show up in court, gives the creditor much greater power to pursue a debt. Your wages could be garnished (up to 25 percent of your disposable income), property seized, and checking accounts levied.

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.

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