With student loans at an all-time high and record delinquencies, millennials want to know how to pay off debt fast. Increasing debt is becoming a major concern and more than half of a survey group said they felt overwhelmed because of high debt.
The millennial group surveyed had twice as many complaining of high debt as the 49 to 59 age group and the obvious question is why? What do you think the reason is? Please share your comments below.
College tuition is already ascending towards record setting levels, but as reported in the latest survey from Credit Sesame, Millennials are not looking for other routes, demonstrating the future pay back is definitely worth the price tag.
In other words, even though the cost of post-secondary school continues to rise substantially, the general view of Millennials has long been optimistic in regards to furthering their education after high school. The results showcase that the new age group of students carries a brighter perspective concerning just how useful a post-secondary college degree is going to be while career scouting.
Since the last financial crisis, many lower income American citizens have seen their mortgage debt levels rising. This has hit those nearing or in retirement the hardest, and is one of the primary obstacles that would otherwise have provided adequate retirement funding. Actually, debt has increased substantially since the 1990’s for many individuals because wages have struggled to keep up.
As an example, in 2007, those lower income individuals carried mortgage debt for their households that was approximately twenty percent (20%) of their total income. Six years later, in 2013, that percentage had jumped to fifty percent (50%) of total income.
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.
