Monday February 27th 2023 Generation in Crisis: Millennials Underwater on $3.8 Trillion Consumer Debt

Millennials, are in serious debt. They are accumulating debt at historic levels.?

The balances of Americans in their 30s blew past $3.8 trillion in the fourth quarter of 2022.?

27% increase from three years prior, though many thirty-somethings were able to make dents in their debt during the early part of COVID, four-decade-high inflation, high interest rates, and the rising prices of homes have sent debt skyrocketing, more so than for any other age group.

There are a number of reasons behind this.?

Firstly, many millennials entered the job market during the Great Recession and have been struggling ever since.

Secondly, the cost of living has increased significantly over the past few years, while wages have remained stagnant.?

Finally, the rising cost of education has meant that millennials are carrying large amounts of student debt.

All of this has contributed to a situation where millennials are increasingly finding themselves in debt.

It's not just credit card debt or student loans.?

Millennials are also taking out mortgages and car loans at record levels.

If this trend continues, it could have serious implications for the economy.?

Millennials are already delaying major life milestones such as marriage and homeownership, and the burden of debt could further postpone these things.?

This could have a ripple effect on the economy as a whole, as spending on big-ticket items like homes and cars drives economic growth.

If you are struggling with debt, and need to reduce or eliminate debt entirely??

You may be considering filing for bankruptcy.

For a Free Consultation call us at 626-338-5505, where a member of our knowledgeable staff will be more than happy to assist you with any questions or needs you may have.

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