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Companies look to debt relief as a way to woo employees

Many people in North Carolina who have a high number of financial obligations may feel overwhelmed and stressed out about how they are going to pay back what they owe. Most people rely on their jobs as their source of income, but sometimes it may not be enough to get out of debt.

One major cause of economic strain for many workers is unpaid student loans. The millennial generation in particular is burdened by paying for their college degrees. This is on top of the many other types of debts young adults carry. Many are forced to forego having savings and making major purchases because of their long-term loans and high payments that go with them, research has found.

In an effort to combat this trend and attract new employees, some companies are offering assistance with student loans as a hiring incentive. Employers in the financial sector seem to be leading the way, with some firms offering as much as five years of assistance at $2,000 a year for employees. This is in addition to traditional benefits such as health care and retirement assistance. While right now only a small number of companies are using this tactic, some anticipate that debt relief as an employment benefit will become increasingly popular in the near future.

When debt piles up with no foreseeable method of repayment on the horizon, the prospect of bankruptcy looms large. People who are feeling overwhelmed by their financial challenges may wish to speak with an experienced lawyer.

Source: TIME Magazine, “Your Employer Might Help Pay Off Your Student Loans,” Dan Kadlec, Nov. 4, 2016

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