Debt relief: Placing a low priority on debts can be risky

The financial expectations and priorities of individuals in Tennessee may differ, depending on their age. For individuals in certain age groups, such as millennials, paying down on debts might not always seem a high priority. However, carrying substantial amounts of debt for prolonged periods could be risky and may leave a person one emergency away from a financial disaster. Those who experience similar challenges may benefit from seeking guidance on the available outlets for debt relief.

According to recent studies, the average millennial carries as much as $36,000 in debt. While this number is similar to the average for other age groups, experts suggest many younger individuals place a low priority on paying off debts. Instead, studies suggest their priorities lie in saving up for special occasions such as a wedding or preparing to purchase a home.

During these years, studies indicate that the average millennial winds up spending more than 33 percent of his or her income paying down on debts. For those who are unable to build up a financial safety net, carrying high levels of debt for extended periods could prove devastating. Any major unexpected expense can place a significant strain on one’s finances and leave a person facing a seemingly insurmountable monetary hurdle.

Dealing with substantial amounts of debt can be stressful at any age. Individuals who struggle under the weight of debt may wish to know more about the available options to pursue relief, and they could benefit from consulting with a bankruptcy attorney for advice. An attorney in Tennessee can examine a client’s situation and help him or her choose a path with which to pursue debt relief and work back toward a healthier financial future.