Proper knowledge about debt is what gave the Millennials the right financial management skills.
Los Angeles-Long Beach, CA (PRWEB) April 30, 2013
Credit Card Consolidation Loan (CCL) expresses happiness in the seemingly good financial habits of the Millennials as reported by Lab24. This may signal the end of the debt problems that the country is facing - at least if the habits are passed on to future generations.
Lab24, a known market research website, asked 500 Millennials about their spending, debt and overall financial management skills. CreditCardConsolidationLoans.org is positive that these results will bring forth a brighter financial future for the coming generations.
The Millennials are those who were born from the late 70s to the early 2000s and based on the report, 57% believe that they have better financial standing than their peers. Not only that, 89% of the responders make a budget for themselves - although only 20% actually stick to it.
But what is really the cause for celebration is the fact that 66% of the responders said that anything extra that they get from their paycheck will be saved and not spent. 18% said they will pay off their debts, while 14% will spend it on anything that they want. That shows just how much the Millennials have learned from the recent recession years. CCL believes that the best way to prevent debt is to build up one’s emergency fund.
Of course, all of these does not mean that this generation group does not have any financial problems. In fact, 60% of the responders have their own debts to deal with. 50% have credit card debt, 49% have student loans, 34% have car loans, 33% have mortgage and 10% owe money from their parents. While the debt may be present, it has to be noted that 83% of them include in their budget a specific amount for their debt payments. CCL is positive that this trait will very keep them from defaulting on their payments.
More than anything, CreditCardConsolidationLoan.org believe that proper knowledge about debt is what gave the Millennials the right financial management skills. Seeing how their elders struggled with the recent recession, they emerged with the right insight on how they should prepare for such eventualities.
A firm believer that educating consumers can help solve the debt crisis, Credit Card Consolidation Loan continues to campaign their services that is a complete package of credit card consolidation loans and debt education. They specialize in credit card debt and uses a low interest loan to help consolidate all the debt into one manageable payment scheme.
To know more about the benefits of this debt solution, visit CreditCardConsolidationLoan.org.