West Palm Beach Bankruptcy Lawyer

Bankruptcy and Young Adults

Research has shown that young people under the age of 25 are among the fastest-growing group of individuals filing for bankruptcy. The pressure to keep up with one’s peers and imitate the celebrity lifestyles so visible in the media can lead to some unwise financial decisions. There are a few things young people should keep in mind about managing their finances before things get out of control.

Limit Credit Card Use

For most young people, limiting debt starts with limiting the use of credit cards. Although credit card companies spend millions of dollars on marketing and promotions aimed at students and young adults, they generally do not focus on the pitfalls of paying with plastic. These cards often have some of the highest interest rates and user fees in the industry, and many students and young adults do not have the financial knowledge to understand the consequences of these hidden fees.

Minimize Expenses

Unfortunately, young people who find themselves managing their own finances for the first time are often unaware of how quickly seemingly small purchases can add up. Eating out at restaurants, shopping at designer stores and buying unnecessary gadgets should be avoided when possible. Instead, consider cooking at home, purchasing clothes and other items at resale shops, and using the Internet to find the lowest price when buying essentials.

Raise Financial Awareness

Many high schools and community colleges now offer courses in financial literacy, which experts say is a step in the right direction. The more you educate yourself about financial matters, the less likely you are to let your debt get out of control. Again, the Internet can be a great tool for researching the ins and outs of personal finance.

Contact Us

If you find yourself in a difficult financial situation, it is important that you consult with a qualified professional. To learn more about debt management and bankruptcy options, contact the experienced West Palm Beach bankruptcy lawyer of Eric N. Klein & Associates, P.A. at 561.353.2800.