Story from Credit.com
New survey results are painting a grim economic picture for young adults faced with mounting credit card debt and diminishing hope for future job security.According to a poll conducted by Greenberg Quinlan Rosner and commissioned by Qvisory, young adults are increasingly reporting higher levels of personal debt than they had just one year earlier.
With little debt relief in sight, some are falling behind on important loan payments. Missed or late payment on credit cards and other outstanding debt typically have a negative impact on your credit score.
Qvisory reports that nearly 20 percent of young adults have fallen behind on mortgage loans while roughly the same number has missed student loan payments. Many seek help from either Federal student loan consolidation or private student loan consolidation.
For some, their economic situation has deteriorated so rapidly and significantly that they have skipped a meal to save money, says the survey.
"Job losses, wage cuts and disappearing healthcare are threatening a generation that is relying heavily on credit simply to survive," said Qvisory treasurer Gina Glantz.
The Rockefeller Foundation called the survey results "sobering."
