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Reigning in debt for Ohio young adults more important than ever

There has been a great deal of attention on our nation's youth and the debt they can face after earning a college degree. In Ohio, like anywhere in the country, students often take on large amounts of student debt during their college education. But the truth of the matter is, many students are also racking up other forms of debt at a very young age.

Credit card debt is often a culprit for financial stress, as principle and interest rates on credit cards can make paying down debt difficult. Medical debt, as this blog has reported, also affects many younger Americans. Buying a car, signing a car lease, the cost of housing or a mortgage get the picture.

Sources say that America's young adults are racking up debt loads faster than ever before. Bad credit can come from a heavy debt load. While most people work to control overall debt, the principle balances owed can easily get out of hand, increasing late payments and potential delinquencies that can follow a debtor. Many people believe that there are few options available in getting out of debt.

Some people are able to benefit from credit counseling. But others may face bank account seizures, wage garnishments, repossessions or foreclosures when the debts run up too high.

Anyone facing a mountain of debt may hear people talking about negotiating with creditors to seek a settlement of debt. Others hear about filing for bankruptcy or credit counseling. Generally, it is important to consider many options when struggling with debt. But it is also important to learn what each avenue that can lead to debt relief actually means.

Cincinnati bankruptcy lawyers know that filing for bankruptcy is an option that can provide a struggling Ohio resident with a fresh start. If paying off debt, modifying debt or negotiating the settlement of debts are not feasible options, it remains important to reign in debt. Bankruptcy is a legal option recognized in the Constitution and through the bankruptcy code in finding a fresh financial start.

A debt settlement will generally remain on a credit report for seven years, while a bankruptcy will remain for 10. However, commentators say that confronting debt is important for future financial stability. It is possible to rebuild credit after setbacks occur.

Source: Wall Street Journal, "Confront Your Debt," Rachel Louise Ensign, June 23, 2012

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