The recent recession has hit a variety of demographics in different ways.
For the baby-boomers, it has meant postponing retirement.
For Generation Xers, it has meant cutting down on expenditures.
For the Y Generation, it has meant an unprecedented foray into the realm of credit.
Young people are starting their adult life buried in debt.
From student loans, to credit cards, young professionals are learning the hard consequences of a life based on debt.
Education is one of the highest expenditures that a young person will face.
Parents were once able to contribute, but with the economy only now recovering from the latest recession, students born in the late 80s and 90s were and are still, being asked to pay for the majority of their education.
Without a steady income, the Y Generation has gladly accepted loans supplied by the government.
Now out of school, the time has come to pay and hundreds of thousands of students are feeling the pinch.
Monthly letters inform them of their situation, increasing their debt anxiety These young professionals often grab the first job that comes along.
The fear of not being able to pay their bills forces them to accept jobs that will not allow them to lead financially viable lives.
The fear of credit collectors makes them more reliant on the process itself.
In a recent poll done in the United States among members of the Y Generation, 58 per cent of the individuals polled admitted to not being able to pay their bills on time.
The poll also showed that 20 per cent carried credit card debts of more than $10,000.
But credit card companies continue to target this demographic.
They know the need is there.
The desperation of the Y Generation is lining their pockets with interest payments.
With more credit being offered, the younger generation is being sucked into a vicious cycle of paying off one creditor with the money loaned from another.
These secondary loans come with higher interest rates, putting the debtor in a deeper hole.
Awash in debt, many young professionals are considering the dangerous option of bankruptcy.
Others are looking to credit counsellors for assistance.
Professional financial advisors are helping the Y Generation begin debt consolidationthat simplify their payments and reduce their monthly interest.
These credit counsellors are making unmanageable situations, manageable.
They are relieving the anxiety of a whole generation of young people.