One type of debt that young consumers appear to be turning to more often lately are personal loans.
A recent study from an online lender points to young borrowers taking on a larger share of such loans in recent years. According to this study, back in 2015, consumers ages 18 to 35 made up only around one out of every eight personal loan borrowers. The study indicates that, now, individuals from this age group make up almost one out of every four such borrowers.
Things put forward as playing a role in this trend include a general aversion to credit card debt among millennials and increased access to personal loans through online lending.
There are a variety of things millennials are turning to personal loans to help with, including wedding expenses, moving costs, big purchases and debt consolidation. So, personal loans might be used to try to further a range of different personal and financial goals.
Thinking about one’s overall goals is not only important when a person is deciding whether to take on debt. It is also important when one runs into trouble paying back personal loans or other types of debt. Debt struggles can be addressed in a range of different ways, including, in some instances, though bankruptcy (such as chapter 7 bankruptcy protection). When deciding what avenue to take for responding to debt struggles, it can be critical to give careful consideration to what options would best serve one’s overall goals. Bankruptcy attorneys can help individuals with finding debt relief options consistent with their goals.