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Tips for millennials struggling in debt

A large number of people who fall in the millennial generation are struggling with debts, whether from college loans, a home mortgage or something else. In fact, about 66 percent of millennials are saddled with at least one long-term debt, and it is likely to be a student loan averaging around $40,000. There are several tips that South Carolina millennials who are trying to pay off their debts should follow.

First, a person must acknowledge and get familiar with the details of his or her debts in order to get them under control. It can be helpful for an individual to write down all the debts down, including car loans, student loans, personal loans, credit cards, mortgages and medical bills and then keep track of each debt and make timely payments.

A budget is also a good way to reduce debts. Budgeting is a tool that helps people keep track of their income and determine how much money they can pay on each of their bills. It is a good idea to convert as many bills as possible into electronic payments, too. This way, the bills will be automatically paid on or before the due dates, and late fees can be avoided.

Another tip is to eliminate student loan debts as soon as possible. Millennials are the largest generation to attend college, and half of them between the ages of 25 and 35 possess college degrees. However, about a third of millennials who have household incomes of $75,000 or more are concerned about their ability to pay back their school loans. Doing so can help millennials achieve their life goals more quickly.

Those who need assistance paying off their debt might wish to consult an attorney for advice. One option is filing for Chapter 13, which works by wiping away one's debts or reorganizing them so that they can be paid off more quickly.

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