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Debt consolidation may be an option as younger people find it difficult to get access to credit
By Marvin Milner on Mar 11th, 2010
Trying to get access to credit card debt or qualify for a mortgage loan may be tougher for younger people, a recent survey showed.
According to the poll taken by FindLaw.com, one in five respondents age 18 to 34 said they were denied a form of credit in the last year. Of those who had been refused, 15 percent said it was for a credit card, while 4 percent they were denied a mortgage loan.
"Borrowing money - whether a mortgage, loan or even a credit card - often involves meeting strict standards set by the financial institution," said Stephanie Rahlfs, an attorney and editor at the legal website.
Lenders have made it more difficult to attain loans through higher expectations for credit scores. As a result, consumers of all ages have to make sure that they maintain a healthy credit history, which would include trying to pay off debt.
However, not every consumer has an amount of debt that they can easily handle. As a result, some may consider an option like debt consolidation, which can help consumers better manage the amounts they owe through lower interest rates.
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