The mortgage crisis struck the hardest at Generation X. A recent study published in the Atlantic, discusses how Generation X (people in their thirties today), have the largest ratio of underwater mortgages. This means they owe more on their homes in Littleton, Aurora, and Centennial than they are worth. It can be difficult to overcome the financial stress of owing more on your home than it is worth. If you are struggling to make ends meet and need a fresh start, consider bankruptcy as a clean slate. Let’s look at why Generation X was affected so greatly by the mortgage crisis, and consider options for getting ahead financially:
Generation X: Why They Were Affected by the Mortgage Crisis
The reason Generation X was affected so badly by the mortgage crisis is because they had just bought homes when the economy crashed. Twenty-something’s (late-generation Y and generation Z) hadn’t finished college yet – they hadn’t bought homes before the values plummeted. Alternatively, older generations weren’t affected by inflated home prices because they had been paying their mortgages down for years prior. The years after college are crucial: Generation X focused on finding a job, paying off school loans, buying a house, and settling in for the future. But, immediately after they bought their homes, the economy plummeted, leaving many Generation X’ers with underwater homes.
[pullquote align=”center” textalign=”center” width=”60%”]Many gen x’ers are struggling to pay off school loans and keep up on their mortgage. [/pullquote]
Generation X: How to Overcome the Mortgage Crisis and Debt
If you are in your thirties and are struggling to pay off school loans, and your home is underwater, don’t hesitate to contact me for a free consultation. I am an experienced bankruptcy lawyer, and I pride myself in helping people get the best, fresh start possible. Financial strain and worry lessen your quality of life. Don’t spend your time trying to get away from harassing creditors and miss family time or your child’s younger years. Don’t let the mortgage crisis take away from your quality of life. Contact me for a free consultation to discuss the best option for financial freedom.
If you are part of generation X and are struggling with debt, contact experienced Centennial, Aurora, and Greenwood Village bankruptcy lawyer Barry Arrington at 303-205-7870, or submit the “Get Help Now” form. He will fight to protect your assets and give you the best, fresh start possible.