According to CNN Money, millennials across the country are beginning to get restless when it comes to low wages and staggering student loan debt.
The website reported that despite being better educated than previous generations, many young people are currently entering the job market or working in entry level positions, and are getting frustrated with the belief that they are being shut out of the ability to reach the middle class.
CNN Money reported that over the past year, millennials have led pickets or demonstrations against Victoria’s Secret, Wal-Mart, McDonald’s, Wendy’s, KFC and other businesses like Kaplan, which runs tutoring centers, after complaints over low or stagnant wages.
According to the website, the number of college graduates in minimum wage jobs doubled from 2007 to 2012, with more than 284,000 graduates working minimum wage jobs. “[Millennials are] coming out of college with huge debts and having to take low-wage jobs. [So they’re] trying to fight back,” Bill O’Meara, president of the Newspaper Guild of New York, told CNN Money.
The website reported that 58 percent of jobs created during the economic recession (since about 2007) have been low-wage positions, like retail and food prep jobs. These jobs have an average median hourly wage of $13.83 or less. The Census Bureau also reported that the median household income across the country has dropped by more than $4,000 since 2000.
All of this news comes as the national student loan deficit now hovers at an estimated $1 trillion, while auto loan deficits are at $730 billion and credit card balances are around $693 billion.
I Need a Maryland Bankruptcy Attorney
We sympathize with recent graduates facing mountains of debt and a poor job market. While it is very hard to discharge student loan debt through bankruptcy, it should be noted that Chapter 7 and Chapter 13 bankruptcy filings remain an option for people grappling with credit card bills and other forms of debts, on top of high student loan payments.
If you are struggling with debts and/or having issues with your income, you can contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation. Our attorney wants to help you live without the stress of having collectors contact you.
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Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: As of last summer, more than 7 million Americans were in default on private or federal student loans.