It is sad, but it is not surprising. People in their early twenties, many of them university students, are among the fastest growing group of bankruptcy filers in Michigan and in the United States. Teens are getting credit cards at younger ages and many don’t know how to handle the responsibility. On top of student loans many college students find themselves relying on credit cards to pay their bills during college. Many don’t work full-time jobs and have little savings when they finish school. The average college student has about $4000 in credit card debt after graduation.
Remember that credit card debt can make it more difficult to secure Graduate School loans.
Also remember that if you choose to file bankruptcy most student loans cannot be discharged.
If you have questions about filing for bankruptcy contact David Lutz at (248) 624-5500 or visit our website