Study: The Average Millennial Has Over $100K In Debt

New research reveals that millennials are sinking deeper into debt and just how much money they owe. A new report from Real Estate Witch breaks down the results of a survey of a thousand millennials where they get honest about their debt.

According to the report:

  • Nearly three-fourths (72%) of millennials have some form of non-mortgage debt and the average they currently owe is $117-thousand.
  • Only a lucky 28% are debt-free right now.
  • Credit card debt is the most common type of debt, with 67% of millennials carrying a credit card balance. The average amount owed is $5,349.
  • Student loan debt is the next most common type, 48% of those surveyed have student loans and owe an average of nearly $127-thousand ($126,993).
  • And with 40% of millennial respondents earning less than $50-thousand a year, 24% say they regret not choosing a career with higher earning potential and 22% say they regret taking any student loans.

The report also shows that millennials aren’t very optimistic about their financial futures:

  • About 63% believe it will take them one to five years to pay off their debt, while around 10% think it will take more than 10 years and 6% admit they don’t think they’ll ever be able to pay it off.
  • That may be because they’re spending an average of 47% of their monthly income on housing.
  • And a third of millennial renters don’t think they’ll ever be able to afford a home.
  • While the average millennial has close to $50-thousand ($49,463) in savings, one in seven confess they don’t have any savings at all.

Source: Yahoo Finance


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