Millennials in debt is an important issue. There’s been a considerable amount of press surrounding the problems facing Baby Boomers in debt and seniors in debt and we’ve devoted quite a few blogs to these very serious issues:
- Baby Boomers Debt Crisis: Waiting For An Inheritance To Bail You Out?
- Baby Boomers Debt: Reasons Why It Is So High
- Is Baby Boomers Debt Preventing Them From Getting Married?
- Canadian Seniors In Debt, Part 1 – What Do The Golden Years Really Look Like?
- Help For Seniors In Debt-Seniors In Debt, Part 2
- Senior Credit Card Debt Relief Or Declare Bankruptcy-Seniors In Debt, Part 3
- Advice For Seniors With Credit Card Debt-Seniors In Debt, Part 4
- Seniors In Debt: Solve It Without Bankruptcy
However, the Millennials (children born between 1982 and 2002), also known as Generation Y or Gen Y, feel trapped as millennials in debt. Only now are we realizing how dire their situation is. BMO recently did a survey of Millennials in debt and discovered that:
- 56% are so anxious about their debt they think about it multiple times a day.
- 50% said debt has made them lose sleep.
- Their household debt is $73,305.
- 50% feel ashamed at the level of debt they’ve accumulated.
- 50% of Millennials in debt have had arguments with family, friends and partners over debt.
- 51% have borrowed money from friends or family to manage household debt levels.
- Nearly 60% viewed their debt as a major personal problem.
In addition Millennials in debt are more burdened by student debt than their elders, according to David Coletto, chief executive officer of Abacus Data. He goes on to say, “People are maxing out their student loans and getting loans from family to supplement.”
The reality is that debt is increasing across all demographics and the issues facing Millennials in debt should not be ignored. Whether their debt originated with student loans, credit card debt or some other issue, it needs to be managed as quickly as possible by a professional trustee. Contact Ira Smith Trustee & Receiver Inc. for professional advice and a solid financial plan so that you can live a debt free life Starting Over, Starting Now.