The financial realities of Millennials are generally bleak. Coupled with hounding student loans, a barely thriving housing market, and a lethargic workforce, this bleak situation has really pushed some Millennials over the edge. For some in New York City, that includes selling precious family heirlooms to make rent money.
Provident Loan Society of New York has noted an eight percent increase of people applying for loans when compared to statistics from 2015. The report also shows that the majority of these loan applicants are those under 35 – America’s Millennial demographic.
Many of these people have had the privilege of inheriting jewelry from their family – but have not inherited the financial stock to close the almost 15 percent rent increase from comparative rentals from the 1990s. In comparison, the median household income has risen 0 percent. It’s frustrating, but a necessary reality for some.
What Has Contributed To This Desperation?
The value of the college degree has decreased. Several decades ago, a college degree almost guaranteed living wages. Not only has the value of the college degree has diminished for certain industries, but school loans have locked students into a brutal cycle of financial survival, with even dead students still being charged with monthly payments.
The financial crash of 2008 has made lenders wary, and the value of homes has plummeted in many communities. Not only are Millennials fighting amongst themselves to secure remnants of the American dream, but they are also fighting against older generations who have been laid off due to outsourcing.
Provident Loan Society Is Opening an Auction
On Jul. 12, Provident loan Society is opening an auction to sell some of the belongings of the, unfortunately, many borrowers who couldn’t pay off their loans or for those who have followed the recent trend of choosing not to pay back any loans altogether.
Image via YouTube.
