Over 44 million Americans have student loans, with the average debt hovering around $33,000. And yet that’s not the number one source of debt for the average older millennial. Millennials between the ages of 25 and 34 have an average of $42,000 in debt each, the biggest source being credit card debt. Credit card balances make up a full fourth of the average older millennials owe, while student debt accounted for about 16 percent. The findings are based on a survey of over 2,000 U.S. adults, including an oversampling of more than 600 millennials.
As you grow older, your expenses increase. The additional pressures that come onto the pocketbook only grow and your disposable income shrinks in a lot of cases, even if your salary is growing. The pressure to start relying on credit cards makes a lot of sense. Millennials also cope with many other financial burdens that other generations … Read More