Americans should be worried about the financial state of millennials. Not only are they the largest group in the United States, but they are also dealing with massive amounts of debt that could affect the American economy.

The two major debts that millennials are dealing with are student debt and auto loan debt. There is not much that can be done about student loan debt that is too high except try to pay them off, but there may be a few options for auto loan debt.

Student loan debts are usually higher than auto loan debts, which means some millennials might be able to pay car loans off or avoid them altogether. Some people are looking for an alternative to this type of debt, and the answer is purchasing a car without financing.

There was a time when financing was a relatively smart idea because it offered people an opportunity to buy something they could not afford, but this is no longer the case. Millennials have other debts to worry about, and a car note would suffocate them. Many young people are opting to keep their old cars or decide to purchase a used car when they do buy a vehicle.

Some of the savings used car buyers will receive could be used for a service contract from American Automotive Service Solutions. This company offers car owners the opportunity to protect their vehicles through an extended car warranty. It is no secret that older vehicles are not usually under warranty, meaning that anything that goes wrong could crush a person who may not have much in his or her bank account.

American Automotive Service Solutions gives the car owner a chance to cover different compartments of the vehicle depending on the age of the car and how much coverage the vehicle owner wants. Many parts on an older vehicle could fail such as the transmission that could easily cost around $800, and that is just one component to consider.

It should be noted that many Americans, including millennials, are having a hard time dealing with emergencies that cost more than $500. This means people might get stuck with a car that does not run simply because they could not afford to fix it. This was one major reason people preferred to buy new cars or lease new cars rather than buy an older vehicle.

American Automotive Service Solutions reviews could have put this company on the radar for millennials, but many more need to learn about this opportunity. This solution gives young and old Americans a chance to breathe, which is absolutely necessary in an economy based on consumerism. Growth cannot happen if all the money is being given to creditors.

Yes, there are many Americans who believe in the trickle down effect where the rich eventually give their money to the poor by creating jobs. The truth is that the poor or middle-class are the ones who propel growth as they spend most of their money at stores and other locations. The only problem is that some millennials are chained to debt so they cannot spend much.

Relieving millennials of their debt is one of the only ways this economy can continue to move forward. It is easy to see how much millennials are struggling as many are supplementing their income in various ways. Some are driving people around through ride-sharing applications on their smartphones.

Other young people are using applications on their phones to perform odd jobs for a few hours each day. The odd jobs could include picking up groceries, taking pictures of a property, or helping a person move out of their home. Some people rent out rooms in their homes or apartments for a fee. No one can deny that some of these jobs are ingenious and definitely helpful, but it is easy to see that these jobs came out of necessity.

Some young people have one degree or more but are having a hard time finding a position that works with their expertise. Other millennials are stuck with low-wage jobs or part-time work, making it essential to get rid of as many debts and bills as possible.

The young generation noticed that new cars usually require not only a large down payment, but they also require large monthly car payments. New car owners must also get premium car insurance, which is usually pretty high. This is a requirement because the new car is not technically owned by the car owner until he or she pays the loan in full. It should be noted that most of these auto loans can last three or even five years, depending on the payments.

Millennials are even required to have great credit to qualify for a relatively reasonable car note payment. In essence, many young people simply cannot afford new cars. Older cars are relatively affordable, and people can feel at peace knowing that the American Automotive Service Solutions extended car warranty will be there to deal with major repairs that are covered.

The service contract could include roadside assistance. Customers can also include additional services, such as towing, emergency tire assistance, lockout solutions, car battery help, and even fuel delivery service if the car owners feels this would be helpful.

There is no easy answer when it comes to the issues that millennials are dealing with at the moment. Getting rid of car loan debt will probably not solve all the problems this group is having, but it should definitely help as every little bit counts. Thankfully, companies like American Automotive Service Solutions are trying to help frugal car buyers who opt for a used vehicle. An extended car warranty can definitely come in handy.

About The Author

Iva Larochelle