Consumer Debt Rises for Young Adults

Currently, the most common form of debt is mortgage debt. As of the second quarter of 2017, mortgage balances stood at $8.69 trillion – $64 billion more than the first quarter of 2017.

The median housing debt is $93,700, and almost 50% carry credit card debt of $2,500. Age 45 to 54 decades of slow income growth and rising costs. fewer young adults held credit card debt, For example, although credit card debt and student loans both.

 · It’s no secret tuition increases are straining the finances of young adults. student loan debt has nearly tripled over the last eight years. The total amount of money in student loans owed by.

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 · Young adults with student debt are postponing life events like buying a home or car, getting married, and having babies at higher rates than other age groups did, according to a new survey. Overall, 45% of respondents who ever had student loan debt said they had put.

It Can Lead to Lots of Debt – Despite your good intentions to spend less than you earn, it can lead you to rack up a lot of consumer debt. Once in debt, the interest rate and monthly payments (in addition to your other bills) makes it difficult to dig yourself out of. It’s hard to believe what people are forced to do to get out of debt.

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That’s even higher for those with student loan debt – about 72% of millennials with undergrad debt have some or a lot of.

The organization Mothers Against Drunk Driving (MADD) has a target of reducing the number of highway deaths among young adults by 39%. Assume that the number of highway deaths for young adults is proportional to their beer consumption. The price elasticity of demand for beer among young adults.

Boomers ages 55 to 64 have the second-highest percentage of respondents with credit card debt at 54 percent. Young millennials, on the other hand, are the least likely to have credit card debt. The survey found that 63 percent of respondents in this age group have no credit card debt, while 37 percent do.

Over half of young adults who went to college took on some debt, including student loans, for their education. Repayment of this debt can be challenging. In 2017, one-fifth of those with education debt were behind on their payments.