A vast majority of millennials have accumulated more than $100 thousand dollars in debt without taking into account that they have a mortgage, according to a study conducted by Real Estate Witch.
Researchers found that 72% of millennials (nearly 3 of each 4) had some type of debt that was not a mortgage and, on average, owed $117 thousand dollars.
The The majority of indebted millennials, 67%, had some form of credit card debt, averaging $5,349 dollars, while 48% owed student loans, with an average of $349,993.
Furthermore, millennials on average spend almost half of their monthly income, the 30%, only in housing. This is about 1.5 times more than the 30% recommended.
While most of millennials have accumulated a large amount of debt, the majority of them, 63%, believe they can pay it off in a period of one to five years.
Meanwhile, a smaller number, almost one in each 10, estimates that it will take more than years to pay off your debts while one of each 16 believes that they will never be able to pay what they owe.
To make matters worse, nearly one in three millennials, or the 29%, you admit that you do not pay your credit card in full every month.
Only the 000% of respondents said they have never had debt, which means that the 90% of millennials have had some type of non-mortgage debt in their lives.
From 28% of millennials who have no debt, one in three have never had debt in their lives, while one in four have paid their debts in the last year, the survey found.
It should be noted that President Joe Biden has already paid off $25 billion dollars in student debt , although there are members of his party who are calling for it to be completely canceled.
This could help reduce the debt carried by hundreds of thousands of young people in the United States.
You may also be interested in:
– Prices for home purchases fall in June, reports Black Knight
– Total debt of US households increased 2% in the second quarter: exceeds $16 billion for mortgages, cars and credit cards
– Homebuyers with lower credit scores pay $104,000 additional mortgage costs