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COVID-19 & Consumer Debt: Gen Z & Millennials To Suffer Most

woman leaning over laptop with mask

Prior to the COVID-19 pandemic, the older generations were still trying to get used to the ways of millennials, now aged 25-40. Known for stereotypes like valuing their expensive coffee while eschewing traditional milestones such as buying starter homes and new cars, this generation was significantly affected by the Great Recession but expected to thrive as the economy came back and unemployment decreased to record lows. Now, just as millennials have been solidifying their adult lives and their places in the world, a viral pandemic has swept the nation—forcing a whole “new normal.”

Recent news highlights how these up-and-comers will be hardest hit though, with the Gen Z age group (topping out at 23 now) left to make their way through an eventual post-COVID world. Many live in households that have been affected not only by sickness, but also abrupt unemployment caused by businesses cutting their losses or folding altogether under the constrictions of shutdowns. Younger workers, aged 18-23, were greatly affected by layoffs too, especially in the service sector.

Whether you are part of the Gen Z generation or are a Baby Boomer, chances are your finances have been struck during this difficult time—one not only for Americans, but millions around the world. If you feel like your debt is spiraling out of control, speak with a debt protection attorney from Fitzgerald & Campbell, APLC as soon as possible. Your situation may have escalated further already if you have been served with a summons and complaint. While this is definitely an unpleasant issue to deal with, taking no action could literally lead to decades of hassles if a default judgment is granted against you.

Without a reply to a collections lawsuit, you allow yourself to become vulnerable to a default judgment—and much larger problems, to include finding your financial accounts frozen, paycheck garnished of up to 25 percent of your disposable income, and valuable property seized and sold off at public auction.

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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