Debt is a problem for most millennials in Mississippi and in other states. In 50 large cities across the United States, millennials are carrying an average of over $23,000 in personal debt excluding mortgages. San Antonio is the area with the largest average non-mortgage debt for millennials at $27,122 followed by Pittsburgh and Austin.

Student loans account for the largest proportion of debt in the U.S. for individuals age 22 to 37 followed by credit cards. Car loans are another major source of debt for millennials. One problem faced by many is that even in areas where the cost of living is low, wages are also lower.

Another problem that many young adults face when they are taking out loans is that their credit histories are not usually very extensive. Loans may end up costing them more because of a low credit score.

Some loans may be difficult to avoid. For example, most people need a car to get to and from work, so taking on a car loan may seem like a necessity. When juggled with student debt, credit cards and other personal loans, millennials in most major cities are finding debt difficult to manage.

Many debtors are turning to bankruptcy in order to stop repossession, creditor calls and wage garnishment. A bankruptcy attorney may be able to assist debtors who have fallen behind on their payments by filling out paperwork, providing legal advice and attending a meeting of creditors with the debtor prior to the final discharge of debt.

Most individual debtors choose to file a Chapter 7 bankruptcy, which can wipe out unsecured debts. Debtors who do not qualify to file a Chapter 7 may be able to file a Chapter 13 bankruptcy, which requires that payments be made for several years. An attorney may be able to help clients who are contemplating bankruptcy decide if it is a good solution for them.

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