Millennials Are Losing Their Cars.
Billing disputes surged year-on-year among Gen X and Millennials, LegalShield said, who have experienced a 96 percent increase in billing inquiries. Calls are up across the board as well, with a 53 percent increase among all LegalShield members, indicating a broader rise in billing-related issues.
John Saltarelli, a LegalShield provider attorney from Texas, identified three primary factors contributing to the surge in inquiries regarding bankruptcies, repossessions, and billing disputes.
Credit card defaults, intensified collection efforts, and the impact of inflation.
“Consumers we talk to only have enough money to cover some of their bills, so they prioritize a roof over their head ahead over other expenses, racking up high-interest credit cards,” Saltarelli said in a statement. “Collectors are turning up the heat after the pandemic, and increasing inflation makes what money people do have, worth less.”
Beyond individual mismanagement, the growing number of individuals seeking legal advice on repossession and bankruptcy signifies a broader economic distress, according to LegalShield CEO Warren Schlichting.
The White House and the talking heads keep telling my how great the economy is doing but I keep finding stories like this one.
h/t Stephen Green