Financial struggles can hit for numerous reasons, and in many cases, the issues can feed off one another. For example, if a person’s depression or other mental health issues have contributed to financial difficulties, those money problems may also worsen the mental health issues. Unfortunately, many young adults in Louisiana and elsewhere are facing this type of scenario and are on the hunt for debt relief.
The Principal Foundation recently conducted a survey looking into financial aspects relating to young adults. That research showed that 54% of respondents under the age of 30 had indicated that their financial affairs were so difficult that they had hit rock bottom. Additionally, of that 54%, many stated that their issues had contributing factors like job loss, depression and other mental health problems, and overwhelming debt.
Student loans, medical bills, personal loans and auto loans were among the types of overwhelming debt that respondents struggled with. Still, a vast majority of the respondents indicated that they had hope that their financial situations would improve with hard work. They believe that with the right information and support, they can have an even greater outlook for the future.
Of course, when financial affairs become overwhelming, even those with optimistic outlooks may still need debt relief help. Though bankruptcy cannot discharge certain liabilities like most student loans, it could still help with other types of debt that may be causing substantial stress for consumers. Louisiana residents may be interested in gaining information on this option and whether it could help them address their particular issues to begin building a better financial future.