Work on Building Credit
Many millennials are aware of the dangers of debt, which is why so many of them try to stay away from credit cards. But building credit isn’t something you should fear. In fact, it should be a part of anyone’s long-term financial plan. That’s why most experts recommend people in their mid-twenties to open a credit card.
Yes, it might seem like a slippery slope, but without a solid credit, millennials won’t be able to make crucial financial decisions down the line. A good rule of thumb is to at least pick one expense to charge on credit every once in a while, like a tank of gas, and then pay it off in full. By doing so, you’ll be building credit fairly rapidly.
Pay Down Debt
Millennials who already have debt should immediately focus on paying it down, especially when it comes to credit card debt since it has a higher interest rate than orders.
One strategy is to take out a personal loan since these have lower interest rates. Consolidating your debt into one easy payment will make it easier to tackle and you could get rid of it faster, opening up for new financial possibilities down the line.
