Small Business is our Business

Data from the National Financial Capability Study reveals two-thirds of millennials (aged 23-35 in 2012) have at least one source of long term debt—student loans, home mortgages, or  car payments.  Thirty percent (30%) have more than one of these obligations.   Their debt does not stop there.   For millennials short term debt is also a burden. Over fifty percent  (50%) carry a credit card balance while 22% have been hit with late fees and 13% have been charged with over-the-limit fees. In addition bank overdrafts are prevalent  (29%) and almost one in four (22%) of retirement account owners took hardship withdrawals in the last twelve months prior to the survey.    Quite simply this generation owes a lot and could certainly use a bit of financial counseling.

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