18 Year Olds To 34 Year Olds Claim TO be Suffocating From Debt

Submitted by Stafford Patterson on Tue, 01/11/2022 - 10:59am

18 Year Olds To 34 Year Olds Claim TO be Suffocating From Debt

It's easy to feel overwhelmed by debt. Unpaid student loans, an ever-increasing credit card balance with high interest, a monthly car payment. These are just a few reasons why young consumers feel like they carry a huge financial weight on their shoulders. A survey conducted by Select and Dynata found that nearly half (44%) of 18- to 34-year-olds feel like they are “drowning in debt.” The average debt accumulation for the "Gen Z" age group is an average of $9,593, according to Experian. Student loans are the primary source of debt for this age group, followed by credit card debt. New Experian data finds consumers in their 20s and 30s have up to $27,251 in credit card, auto loans and student loan debt. Debt is part of the average American's life, and you can start to accumulate it as young as your 20s. While it can sometimes seem difficult to see a light at the end of the tunnel, the best move these debt-burdened adults can make is to simply do something, argues Kristen Ricupero, a financial coach and consultant at Financial Fitness Coaching.

 

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