2019-09-18 — cnbc.com
Millennials (defined here as ages 23 to 38) have racked up an average of $27,900 in personal debt, excluding mortgages... The biggest source of debt? Credit card bills. And that's a "troubling" trend, Chantel Bonneau, a financial advisor with Northwestern Mutual, tells CNBC Make It.
The average paycheck only has the same purchasing power it did 40 years ago, a Pew Research report found. Almost two-thirds of millennials say they're living paycheck to paycheck and only 38% feel financially stable, according to Schwab's 2019 Modern Wealth report.
Student loans are also a factor. The number of households with student loan debt doubled from 1998 to 2016, Pew Research Center found. The median amount of loan debt millennials carried was $19,000, significantly higher than Gen Xers' balance of $12,800 at the same age.
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