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Though some move back home to deal with financial problems, debt consolidation may also be an option
11/30/2009
A recent survey shows that many younger Americans are being forced to move home due to problems associated with the recession.
According to the Pew Research Center, respondents to a survey it conducted revealed that 10 percent of those 18 to 34 said they moved back home with their parents because of the effects of the recession. Furthermore, 13 percent of parents in the survey said they have had a child move back in with them in the past year.
Of the adults who currently live in their parents' home, 35 percent said they had, at one time, lived independently.
"About seven-in-ten grown children who live with their parents are younger than 30. About half work full- or part-time, while a quarter are unemployed and two-in-ten are full-time students," Pew Research noted.
The survey also showed that 12 percent of adults age 18 to 34 took on a roommate in order to help deal with financial problems.
Though a number of people may be relying on their parents or roommates to help make ends meet, there are other things people may consider when trying to cope with money problems. For example, some people may consider visiting a credit counseling service, which can help them pay bills through debt consolidation.
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