Nearly three-quarters of Millennials are carrying non-mortgage debt, with the average member of that generation owing $117,000, according to the results of a recently released survey.
Driving the News: Two-thirds of Millennials are carrying credit card debt, following by student loans (48%), personal loans (42%), medical debt (42%), and auto loans (40%). One-third of Millennials are not paying their credit card bill every month. And 23% owe at least $10,000 on their credit card balances.
- Millennials are carrying more debt than members of any other generation.
A Lifetime of Debt: Only 8% of Millennials expect to pay off their non-mortgage debts in less than a year. Thirty percent say it will take at least five years or they never expect to pay it off.
- When asked for their biggest financial regrets, Millennials cite not saving enough (37%), going into debt (32%), not investing sooner (32%), not choosing a career with a high earning potential (24%), student loans (22%), high interest rates (20%), and not paying off credit card bills (20%).
What this Means: Millennials appear to be resigned to languishing in debt for the rest of their lives, and it is keeping them from being able to cover emergency expenses or afford milestone expenses like kids and buying a house. They are making sacrifices to try and get ahead, but remain pessimistic that it will allow them to significantly improve their financial futures.