Millennials Have Racked Up Over $1 Trillion In Debt

A new report found that Americans between the ages of 18 and 29 accrued over $1 trillion in debt by the end of 2018. The New York Federal Reserve Consumer Credit Panel found that the biggest driver of the debt was student loans, which have increased by 102% since 2009. The last time people in that age group had that much debt was in 2007.

While mortgage debt makes up the majority of overall consumer debt, it ranks second among millennials and has grown just 3.2% since 2009 as the younger generation has been putting off major decisions like buying a home and having children. It can be very difficult for a person with a large amount of student loan debt to get a mortgage, especially if they missed payments over the years.

Millennials have also been spending less money than older generations due to their massive debt load, according to Bloomberg. Many young people are working second and third jobs to make ends meet with many of them working over the weekend trying to earn money instead of spending it.

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