Millennials and Debt Management

As stated in my last post on Debt, you’re not alone when it comes to being in debt.  Tim Herrera of the New York Times interviews fellow NYT’s columnist of “Your Money”, Ron Lieber, on steps Millennials can take to improve their money situation.  Some more sobering stats from the interview:

Based on a study by George Washington University’s Global Financial Literacy Excellence Center and PricewaterhouseCoopers, 24% of Millennials posses a basic financial knowledge while only 27% are seeking professional help.  Half are concerned with student loan debt while nearly half couldn’t come up with $2,000 in 30 days in case of an emergency.

You can find the link to the interview HERE  and the link in the above quote is the actual study.  Can’t state enough how important it is to pay down your debt before rewarding yourself.  And always have that safety net as there’s no faster way to get deeper into debt than not having a cash reserve for emergency.  For additional tips on student debt and savings, Lieber wrote a great column a few years back that’s still very relevant today.  You can never read enough perspectives on the topic.  But everyone agrees, paying down your debt is a crucial lifestyle step to achieve your goals.