Young adults in Florida who are part of the millennial generation may have big decisions in mind like purchasing a home or starting a family. Others may have already achieved these important personal milestones. Millennials often have to make major life choices while balancing large debts. Half of them have more than one long-term debt to pay off, and two-thirds have one source of debt.
Many millennials have student loan debt, and the average cost for student loans is $40,000. When it comes to paying off this debt and others, it is important to get organized. First, one should account for all sources of debt. This includes medical bills, mortgages, credit cards, car loans and more. People should know how much they owe, and they must assess how easy it is to manage and make payments.
Even when making debt payments, people should still be thinking about saving money. Having a savings account for emergencies is a good start, but they can also begin saving for retirement even when still paying off debts.
The simplest way to manage bills may be to convert paper statements to electronically delivered mail. Then, one can make arrangements to automatically pay the minimum amount on time. Making larger payments on big debts helps clear the balances faster, but automatic minimum payments are a good first step as this prevents missed or late payments that generate fees or penalties.
When debt payments consistently become too hard to handle, people must know when to ask for help. There are many options when struggling to make payments, such as a financial adviser or debt relief company, and people may also consider contacting an attorney to see if bankruptcy is a suitable solution.