FindLaw.com is the web’s most popular legal information site, not only for the information it provides about law and lawyers, but for the way it informs visitors about legal trends and issues that are important to them now. In these tough economic times, money and credit are on everyone’s mind. In its latest survey, FindLaw wanted to ask, how are the newest contributors to our economy doing, especially when it comes to receiving loans and getting credit, two things so necessary to all of us?
The FindLaw.com survey found that more than one in five (22%) people between the ages of 18 and 34 say that they have been refused a mortgage, loan or have been turned down for credit within the last year. That’s more than twice the percentage of any other age group. They are four times more likely to say they’ve been turned down for credit than people age 55 and up.
FindLaw found that 4% of applicants in this age group were turned down for home mortgages, car loans and home equity loans. More surprisingly, 4% were also turned down for student loans and 2% for small business loans, both areas were younger workers often seek assistance to get their educations and careers started.
As always, it’s not just presenting the numbers, but putting them into context that that sets FindLaw apart. “Borrowing money – whether a mortgage, loan or even a credit card – often involves meeting strict standards set by the financial institution,” said Stephanie Rahlfs, an attorney and head of the Social Media Team in FindLaw’s Sunnyvale, California, office. “And it can be particularly difficult for younger people, who often have had less time and opportunity to establish a credit history, work history, etc. Monitoring your credit score, correcting any errors in your credit report, and building a good history of managing credit and loans can help increase the chances of being approved for a loan, mortgage or credit card down the road.”
FindLaw.com surveys have been relied upon to provide quick, concise information to several major news outlets. Our surveys have been used by such news sources as the New York Times and USA Today to help give their readers information they can absorb and use every day.
— Michelle Croteau, Director Marketing Communications
with Tanya Roth, FindLaw Portal Team