Many young people may be looking for ways to not only improve their financial strategy, but also their overall comfort with their money. This can be a difficult situation, but many may be searching for some help from outside sources to show they have already been good with their money.
Close to seven in 10 Americans who rent property noted they would like their rental money and payments for utilities to count toward their credit history, according to a report compiled by WilliamPaid. Close to 30 percent of this group said they were already denied some type of credit in the past year.
The average rental payment per month for this group was $1,033, and half of those noted they would keep on paying rent for the foreseeable future, the report explained. Nearly 60 percent of those polled felt they would like to own a home at some point, while staying in a rental situation was popular for approximately 45 percent.
“Consumers want more control when it comes to building their credit history, considering that rent and utilities make up a majority of their monthly expenses,” said Jeff Golding, CEO of WilliamPaid. “This survey reaffirms that Americans want credit for making timely payments, not unlike the credit that they receive for paying their credit card bills on time.”
College debt remains an issue for many consumers
While renters could be looking for ways to help their overall financial standing, they could have some obstacles in their way. One of these may be a lingering amount of college debt, which can be a difficult thing to manage.
Close to 40 percent of consumers noted they have some type of college debt in their history, a report from Harris Interactive explained. Nearly 20 percent of those are in the process of paying this debt off, while another 21 percent said they took care of this debt at some point earlier in their lives.
With these issues present, many are struggling to take advantage of major steps in their life, which can make things difficult. The report noted that one-quarter of those polled put off purchasing a home because of student loans, while nearly 30 percent did not purchase a new vehicle. More than one-third put off saving for their own retirement, as well.