Stated by a Dallas credit repair company, it’s common to accrue credit card debt in your twenties. As discouraging as that may sound, it’s a trend that is backed by The New York Federal Reserve. Recent research by the reserve states that 18-29 year old’s are more than 90 days delinquent on credit card payments. This kind of debt, however, is extremely harmful and could affect you for years to come. As you migrate into your thirties and older, maintaining a good credit standing is essential if you want to purchase a home, car, and more.

When credit cards are overused and abused, it’ll rack up a mountain of debt that you’ll need to start paying back eventually. The most significant problem individual’s face is obtaining steady employment to begin paying back those pesky credit card bills. With unemployment among millennials skirting in at around 12.8% only a few years ago, it’s become a struggle for this age group to get themselves above water.

Why Millennials Get Blamed

What seems to be the problem? Well, because of the stigma that millennials are entitled and unmotivated, you find employers not willing to hire within this age range and certainly not for any high paying positions. On top of the stereotype, employers believe that millennials don’t have enough life-skills due to their extended time in school. The belief that a high degree will help you get a better job has been drilled into the millennial mindset since childhood. But, there needs to be a balance between real-world skills and a good degree, which can make it difficult at times to get hired.

Keep in mind that a low credit score could be the cause for you not getting hired; it’s a vicious cycle. One that may seem impossible to get out from underneath.

On top of all of this, interest rates can soar up to 18-25%. When you put this on top of student loans and the unemployment rate among millennials, it’s no wonder credit card debt piles up. It could feel like you’re drowning underneath water when all you want to do is build up your credit so you can go on to enjoy everything previous generations could.


Stick to the Plan

The best advice is to look for credit cards with low-interest rates and only use your credit card for small purchases, such as gas, that you can pay back immediately. You want to keep a careful eye on how much you owe and not just push it aside, thinking you will worry about it later. As a millennial, you will be moving into the age where you’re seeking a promotion, a better paying job, or to buy your first home. Making sure your credit score is in order is one of the things you should be looking into.

It may seem impossible to do the right thing with the troubles listed up above. Surprisingly though, the Federal Reserve listed this trend as a concern and not a crisis. It’s essential for everyone to keep an eye on what they are doing with their credit cards and not let bills stack up