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Do millennials need to reconsider their approach to credit cards?

The workforce here in Florida and across the U.S. is undergoing something of a change as more and more baby boomers are retiring, and more and more millennials are assuming their place in the working world.

Interestingly enough, recent reports suggest that many of the millennials now adjusting to this new post-college life may be making some critical mistakes when it comes to their credit cards.

Chief among these mistakes, say experts, is the accumulation of significant debt, meaning many millennials are spending to the maximum limits on their credit cards. Indeed, one financial firm found that the average debt load for someone in their late 20s currently sits at close to $46,622.

What's so problematic about such a high volume of credit card spending is that it can actually activate a penalty annual percentage rate -- or APR -- which typically averages close to 28 percent.

Aside from limiting credit card spending, experts have compiled a few other credit card-related tips for millennials to consider:

  • Avoid submitting too many applications for credits cards, allowing anywhere from six months to one year between them, and reviewing financial qualifications beforehand; this is because denials for cards can actually hurt a person's credit score.
  • Set up messaging alerts via email or text; this is because late payments can result in borrowers incurring substantial late fees.
  • Don't hesitate to contact a credit card company directly; this is because they may be willing to work with you to waive certain fees.

In the event credit card debt becomes entirely unmanageable, millennials -- or anyone else for that matter -- should give serious consideration to the fresh financial start offered by personal bankruptcy.

Indeed, a skilled legal professional can examine your situation, explain why Chapter 7 or Chapter 13 might be an option, and debunk any myths you might have heard about bankruptcy. 

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