Reducing Personal Debt – How Do Millennials Feel About It?
Without a doubt, reducing personal debt has become one of the greatest concerns of the millennial generation. Almost half of the age group surveyed, that were between the ages 22 and 33, stated that they were feeling overwhelmed because of their debt load.
As a matter of fact, when compared to the age group of 49 to 59, twice as many millennials complained of this. However, to their credit, almost half of the younger generation was allocating close to half of their take home wages to reducing personal debt.
Important Tips on How to Pay Off Debt for Young Adults
Debt has become so commonplace it almost seems like the American pastime. Many people buy what they want and worry about how to pay for it later. Not surprisingly, young adults are accumulating debt rather quickly and feeling the effects of the extra burden.
Debt caused by student loans is on the rise. Between 2007 and 2012, individual debt increased by nearly $5,000.00. This is a significant amount considering how little the average college student makes in wages.
Feeling the pressure of stress, young adults are realizing the importance of gaining control and learning how to pay off debt. They are taking active steps to resolve outstanding balances on their credit cards, paying off their mortgages and car loans earlier, and reducing or eliminating other forms of debt.
Having debt is never easy or fun. In your 20’s, studies show this age group seem to be able to manage their debt without too much stress and struggle. This all seems to change once people hit their mid-30’s.
There is almost a tipping point that defines the future in the years between 35-44. This age group appears to have the highest level of debt than any other age group according to the Census Bureau. This age carries 25% more debt than the next highest debt age grouping.
Coming in at more than $100,000 in debt, it is easy to see why the 30 something year olds feel like they are at a tipping point.
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