While the latest unemployment figure indicates millions of Americans are still out of work, the nation's young adults have been hit particularly hard.
According to survey findings released by the non profit advocacy organization Generation Opportunity, nearly 80 percent of 18- to 29-year-olds have put major life changes on hold due to an inability to find a job. For instance, 44 percent have delayed buying a home, 28 percent said they'll likely retire later, and 27 percent stated it will take them longer to pay off their student loans.
"The impact of the poor economy, in human terms, has been devastating," said Paul Conway, president of Generation Opportunity. "This is especially true for young Americans, whose lives have been interrupted and dreams put on hold due to the lack of economic opportunity."
Having a bad credit score can also interrupt major life decisions, as it can prevent young adults from being able to make significant purchases, such as a new home or car. However, a low rating can sometimes be the result of a creditor's unsubstantiated or inaccurate credit reporting. A credit repair company may be able to identify these errors and help put young adults' credit scores back to their correct levels.