Rowe Law Firm
We Return Phone Calls!
800-724-1992 Toll Free 225-250-1161 Local
Contact Our Firm

Debt management vs. bankruptcy: consult with experienced attorney for advice

Financial literacy is obviously an important “skill” for young people to have, particularly in an economy where unwise use of credit can mire one in a mountain of debt. For many young people nowadays, though, the challenges in this area are significant.

According to a recent report entitled, “Millennials and Financial Literacy: The Struggle with Personal Finance,” many young people struggle with significant debt and low savings. Evidence listed in the report includes the fact that almost 42 percent of millennials make use of risky alternative financial services such as payday loans and auto title loans. In the midst of this, very few millennials—around 12 percent—seek out professional help with debt management. 

Debt management, for those who aren’t familiar with the term, refers to counseling programs which aim to help people manage their budget and decrease/eliminate debt. Companies offering debt management services can negotiate with creditors to obtain lower monthly payments and interest rates, to waive late fees and over limit fees, and sometimes to stop collection calls. These programs do cost money.

Whether or not debt management is the right choice for a millennial, or any debtor in a desperate financial situation, is not always easy to determine. In some cases, of course, debt management is really not going to be the best solution and bankruptcy will be the more sensible option. How does a debtor know when he or she is in a bad enough spot that bankruptcy is the best decision, as opposed to debt management or some other alternative for debt relief? Consulting with an experienced bankruptcy attorney can help provide guidance, particularly if bankruptcy is determined to be the best decision.

Source:, “Report shows millennial have high debt and little savings,” Jan. 14, 2016. 

No Comments

Leave a comment
Comment Information

  • Rowe Law Firm has always been there for me,
    without fail. Fast and efficient performance and
    reasonable prices keep my customers happy.

    - Jessie Clark, Hancock Bank - Testimonials
  • I found working with Rowe Law Firm to
    be a pleasure. I will be back.

    - Peggy Callihan, C.J. Brown Realtors - Testimonials
  • As an individual purchaser, I feel that I can
    trust Rowe Law Firm to make sure my closings
    are done right.

    - Charles Oliver, Architect - Testimonials

Broad Knowledge And
Extensive Experience

Over our decades of experience, we have successfully helped clients resolve a wide array of legal matters. Watch our videos to learn more about how we can help you.

Visit Our Video Center

Let Us Earn Your Trust.
Call For A Consultation.

At the Rowe Law Firm, we are proud that our clients can reach us when they need assistance. We always respond to phone calls promptly so you never have to struggle to reach your lawyer.

To learn more and schedule a consultation at our office in Baton Rouge, please send us an email by filling out our contact form. You may also call 225-250-1161 or 800-724-1992 toll free to speak with us about your case. We are eager to go to work for you.

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.

Back to top