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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
38921 posts

3/4s of millennials are more than $100,000 in debt, most not from mortgages

How much are car loans?

quote:

The study found that most millennials have over $100,000 worth of debt with most of it not connected to a mortgage.

Over 70 percent of millennials have some form of non-mortgage debt with the average millennial owing $117,000, according to the report.

Almost half of millennials, or 48 percent, reported having some form of student loans with the average person owing $126,993 but the most common type of debt was credit card debt, with 67 percent of millennials having some amount of debt on a credit card.


A few other notes from the study:
quote:


- The average millennial spends 47% of gross monthly income on housing each month — 1.5x more than the recommended 30%.

- 77% of millennials already have children or want them in the future, but 1 in 4 (25%) say they can’t afford them.

- The most common type of debt among millennials is credit card debt, with 67% of those with debt carrying a balance.

- Nearly half of millennials with debt (48%) say they have student loans, with the average respondent owing $126,993.

- More than half of millennials (53%) own a home, but 1 in 6 millennial homeowners (16%) regret their purchase

- Of those who don’t own a home, nearly 1 in 3 (30%) don’t think they’ll ever be able to afford one.

- One-fourth of millennials (25%) aren’t confident they could afford a $500 emergency expense out of pocket, and one-third (33%) don’t think they could afford a $1,000 emergency.

- Not saving enough is the No. 1 financial regret among millennials (37%).


diat150
Tulane Fan
Louisiana
Member since Jun 2005
40429 posts

Wow.


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382
BeerMoney
LSU Fan
Baton Rouge
Member since Jul 2012
7584 posts

Damn. What the frick are they doing?


DownshiftAndFloorIt
LSU Fan
Here
Member since Jan 2011
62664 posts
 Online 

Holy frick!

quote:

some form of student loans with the average person owing $126,993




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691
tigafan4life
LSU Fan
Member since Dec 2006
47000 posts

126k in student loans?!? How? Unless you are going to med school, I don’t see how you would need to take that much out. Stop going to fricking expensive schools. Damn.


aTmTexas Dillo
Houston Astros Fan
East Texas Lake
Member since Sep 2018
11348 posts

For us Boomers, adopt a millennial. Mentor them.


Mingo Was His NameO
LSU Fan
Brooklyn
Member since Mar 2016
25455 posts
 Online 

I'm in WAY more debt than $100k.

I also save 15% of my gross income pretax and 25% of my net income


HotTakes
USA Fan
Member since Sep 2021
1289 posts

Honestly, I can easily see why. Spent $130 on pasta, rice, chicken, and skirt steak today to feed myself a few meals this week. Expensive AF out there. Have no sympathy though for the 23 y/o driving around in a 4runner, and complains about not having money. So many want to live that instagram life…
This post was edited on 8/2 at 7:22 pm


OMLandshark
Ole Miss Fan
Member since Apr 2009
106418 posts

I am due to a mortgage, but that’s it.


PeteRose
LSU Fan
Hall of Fame
Member since Aug 2014
15185 posts

Here’s come another “this generation is irresponsible” thread.
This post was edited on 8/2 at 7:29 pm


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1932
TD SponsorTD Fan
USA
Member since 2001
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Koach K
Duke Fan
Member since Nov 2016
3015 posts

Let the games begin.

This article also fails to mention that most have no prospects either. And that even includes the ones with engineering or technical majors.

So which is it: coding or welding? Or is it roofing now? Oh wait. It’s finance as long as you’re getting your vig.

Do you even QE bro?
This post was edited on 8/2 at 7:24 pm


tigergirl10
Member since Jul 2019
9062 posts

quote:

Nearly half of millennials with debt (48%) say they have student loans, with the average respondent owing $126,993.
quote:

77% have children, but 1 in 4 (25%) say they can’t afford them.
It’s a lot higher than that with all that debt.


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132
225Tyga
USA Fan
Member since Oct 2013
12335 posts

Millennials suck.


Abstract Queso Dip
Member since Mar 2021
5866 posts

This sounds fake. I know a bunch of broke arse millennials but none indebted more than a hundo. I mean my 45 year old friend had like 100k almost but cause he was getting Ph.D. That may have been paid off tho cause he is assistant head to the department or sumpin sumpin you know.


LSUGrrrl
LSU Fan
Frisco, TX
Member since Jul 2007
21951 posts

Are you paying more on your debt interest than you are making in your savings?


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290
WeeWee
LSU Fan
Member since Aug 2012
36781 posts

quote:

- Nearly half of millennials with debt (48%) say they have student loans, with the average respondent owing $126,993.

- More than half of millennials (53%) own a home, but 1 in 6 millennial homeowners (16%) regret their purchase

- Of those who don’t own a home, nearly 1 in 3 (30%) don’t think they’ll ever be able to afford one.

- One-fourth of millennials (25%) aren’t confident they could afford a $500 emergency expense out of pocket, and one-third (33%) don’t think they could afford a $1,000 emergency.

- Not saving enough is the No. 1 financial regret among millennials (37%).


I am a millenial, have college, grad-school, and medical school student loans, and a mortgage. I can easily afford a $500 emergency or a $1000 emergency now. Hell I could easily afford one when I was in medical school eating ramen noodles. Most millennials are just idiots who couldn't manage money to save their lives.


Abstract Queso Dip
Member since Mar 2021
5866 posts

Cars aren't a depreciating asset these days. So those loans should also be excluded.


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663
Lawyered
Ole Miss Fan
The Sip
Member since Oct 2016
21550 posts
 Online 

I believe this

People paying the minimums and the loan balance steadily goes up and up and it’s like you’re not making a dent into the balance



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51
WinnPtiger
TCU Fan
Fort Worth
Member since Mar 2011
22105 posts
 Online 

quote:

So which is it: coding or welding? Or is it roofing now? Oh wait. It’s finance as long as you’re getting your vig.


online surfing instructor


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210
c on z
New York Yankees Fan
Zamunda
Member since Mar 2009
123115 posts

quote:

126k in student loans?!? How? Unless you are going to med school, I don’t see how you would need to take that much out. Stop going to fricking expensive schools. Damn.

The other possibility is getting into the income based repayment plans, where qualification is based on income. Once you make too much money to qualify, all that interest you avoided while making those lower than normal payments is forced back on you.


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