Why Canโ€™t Millennials Seem to Get Out of Debt?

A recent Newsweek article said millennials are in record-setting levels of debt. The question now is why? What keeps them in debt?

-More than anything else it’s a lack of financial knowledge.

-For many their initial financial troubles began with student loan debt when the bulk of it could have been avoided. For example, attending a college with a $260,000 price tag for a degree whose entry-level salary is $35,000 was a bad financial decision. A local regional college, while living at home, would have been much more economical. Unfortunately, neither their parents nor their high school counselor understood the math well enough to counsel them beforehand. That was their first error.

-Secondary to student loan debt is the idea that someone else will eventually pay for it, rather than taking responsibility for the contract they signed. There are plenty of opportunities to legitimately pay their debt down and get it off of their backs, but that requires dedication to getting out of...

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