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Tips to help young people achieve lasting debt relief

Struggling under a mountain of debt is a difficult way to live and is a major source of stress for many Washington Millennials. Young people often find that they have accumulated a large volume of debt through borrowing to fund an education, addressing medical emergencies or simply overspending and relying too heavily on credit. Once the situation becomes untenable, many will search for ways to find lasting debt relief. The following tips are offered in the hopes of building habits that will relieve financial pressure and promote stability.

One of the most important things that young people can do to curtail debt is to have a clear understanding of their finances. Overspending is easy when an individual has no idea what he or she has in the bank. In fact, it can be argued that banks encourage overspending by offering programs to cover overages in one account with the balance of another. The best way to stay on budget is to have a clear line in the sand in terms of discretionary spending, and to enforce that line on a daily basis.

There are a multitude of apps and tools to help people track their spending, but there are plenty of offline tricks and tools that can work just as well. One simple way to address spending issues is to begin each day by writing down one's current bank balance on a small piece of paper or in a small notebook. As the day moves on, write down each and every expense, and only spend money from a cash reserve that has been designated for discretionary spending. That makes it easy to see where the money is going, and to identify areas where cuts can be made.

Achieving debt relief is possible for most Washington residents who are properly motivated to do so. Working with an attorney who is skilled in financial matters is a great place to begin. An attorney can make a full assessment of a client's income, debt and savings, and create a customized debt reduction plan that is in line with a young person's current needs and projected goals.

Source:, "5 things to do in your 20s to get out of debt by 30", Emmie Martin, July 11, 2017

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