Off work benefits to online game reveals, specific Millennials are seeking imaginative a way to deal with the pupil debt obligations…
Millennials’ financial setbacks are nothing new. Based on Politico, the demographic is “behind in almost every economic dimension,” and the ratio of how much they have invested in assets like 401(k) plans to their income is below Gen X and Boomers and isn’t expected to change anytime soon. Of course, the massive student loan debt the generation is carrying isn’t helping. According to Education loan Hero, as of 2018, outstanding student loan debt in the U.S. surpassed $1.48 trillion-almost one-and-a-half times what Americans owe in credit card debt. Studies show this burden is killing off a full 75% of the average Millennials’ net worth and overall hindering their chances for long-term financial success. In fact, Millennials with student loan debt have an average net worth of $29,087 compared to $114,376 for those with no student debt, according to Student Loan Hero, and have 46% less cash in their savings and checking accounts.
So it’s no surprise that paying down this debt is a major goal for the generation: when we looked at their greatest monetary priorities last year, paying off debt or student loans topped the list. In fact, in an attempt to gain steady financial footing, some Millennials are turning to unconventional measures to rid themselves of their student debt. Here are five surprising ways the generation is paying off their loans.
Video game Suggests
When scrimping and saving isn’t working, why not play to pay? That’s the idea behind a new game show from TruTV that promises to pay Millennials’ beginner personal debt via trivia. Contestants on Paid Off can get up to 100% of their debt paid, depending on how many questions they answer correctly. Of course, the number of Millennials who can actually expect to pay off their debt via TV show is miniscule-and the show is actually trying to shine a spotlight on the larger problem. (más…)