In El Paso, Generation Z has racked up a lot of debt. Many people owe money to some company or agency. The debt isn’t a lot but can increase over time if one isn’t careful.
Much of the debt for Generation Z isn’t related to a mortgage. The top categories for debt include credit cards, car loans, and student loans.
In El Paso, Generation Z has 55.6% in credit card debt, 40% have auto loan debt, and 22% have student loan debt.
The debt for Generation Z who live in El Paso is higher than in other cities.
In El Paso, 91% of Generation Z with a credit report are in debt. The percentage of Generation Z is slightly higher than the national average. The average balance is $9,176, which is 85%.
It is alarming since about one-third of residents in El Paso fall into the Generation Z category. There are approximately 334,496 Generation Z in El Paso compared. The city has about 840,410 people as of 2016.
Generation Z (1997 and onward) $9,483
Millennials (1981 to 1996) $29,586
Generation X (1946-1964) $44,180
Boomers (1928-1945) $30,869
Recommendations to lower or erase your debt
“You must gain control over your money or the lack of it will forever control you.” Dave Ramsey
This video from Dave Ramsey gives an example to a 19-year-old Generation Z to help him erase his debt. Most of the debt from this person is from two car loans and a credit line. Sometimes making a rash decision can lead to acquiring a lot of debt.
There are a few ways you can get out of debt.
Find a job. Some suggestions could be to find a job that pays. Pay from a commission-based job can be difficult sometimes since you are relying on the other person to buy.
In general, if you have a lot of credit card debt, you have to ask yourself do you need to buy something or not? A lot of things can wait. This is where you need to practice and use delayed gratification.
Try to use cash. A lot of people today prefer using their debit or credit card. But if you use cash, you can physically see how much money you have. It is too easy to use a credit or debit card and charge for everything without considering how much you have spent this month or how much you have in your bank account.
Changing your habits can help you lower and eventually erase your debt. Debt is giving a bank or a company free money out of your pocket.
Find a second job. Another option may be to find a second job to help pay off your debt. Pick a job with DoorDash or Uber. Deliver food for a restaurant. Working a few hours a week can add up to help lower your debt.
Have a garage sale and sell old or used items. You may have extra things in your closet or garage that you no longer use. Have a garage sale or sell the items online. There may be someone who needs what you consider junk.
Sometimes you have to change your mindset about debt. You should have a plan when you are about to acquire debt. How soon can you pay off the debt? Have a plan to pay off your debt whether it’s in one month, two months, or more?
Make a decision to help get yourself out of debt.
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