Why millennials & minorities face tougher times with debt

Gabriela Santiago-Romero, 24, knows too well how easy it is for younger consumers to be late with making payments on credit card bills.

She was juggling too many bills, holding down three to five jobs, and taking four to five classes in college. She opened credit cards to cover gas, food and sometimes a little makeup and clothes for “shopping therapy.” She was busy and tripped up on all the different due dates.

“Since I had so many things to pay off, I would forget,” said Santiago-Romero, who owes about $61,000 in student loans and credit cards.

She’d get money into the bank to make payments but then would realize that she was a day or more late on some bills.

Ding, there’s the sound of another late fee.

continue reading »