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How Millennials feel about unmanageable debt

Many young people in the state of California are struggling under a heavy load of debt. In a recent survey, 200 people with a median age of 32 were asked questions about their personal debt. The results revealed that many are willing to go to great lengths to rid themselves of unmanageable debt, specifically student loan debt.  

The survey took a playful tone, asking participants to answer a series of "Would you rather" questions in regard to having their student loan debt paid off in its entirety. For example, they were asked if they would agree to have their lives documented in a reality television show, or if they would be willing to sell half of their possessions. Surprisingly, when asked if they would be willing to sell an organ in order to eliminate their student loan obligations, 30 percent of respondents said that they would make that trade.

The survey results suggest that people within the millennial generation want a fast solution to their debt woes. Many put off making important life decisions because they feel burdened by high levels of debt, and student loan debt makes up a significant portion of their overall financial obligations. For some, relief can be found by way of income-based student loan repayment programs.

In other cases, California residents have a number of debts that are not tied to their student loans. For these individuals, repayment restructuring may not offer the level of relief needed to move beyond unmanageable debt. Often, personal bankruptcy is a better solution. While bankruptcy will not lead to the discharge of student loan debt under current law, it can eliminate many other types of consumer debt, leaving individuals free to focus their energy on paying down those loans in the shortest possible timeframe.

Source: Forbes, "Desperate And In Debt: 30% Of Millennials Would Sell An Organ To Get Rid Of Student Loans", Maggie McGrath, Sept. 9, 2015

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