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re: Gen y takes after their parents when it comes to finances- 75% of millennials are in debt
Posted on 4/5/18 at 9:33 am to Keys Open Doors
Posted on 4/5/18 at 9:33 am to Keys Open Doors
Link about most of this debt being linked to credit cards? It's right there in the OP.
2
Posted on 4/5/18 at 10:05 am to Mingo Was His NameO
I know. I was more or less opining on the idea that all debt is bad.
Posted on 4/5/18 at 10:08 am to GreatLakesTiger24
quote:An 18 Yo is not a millennial
A quarter of millennials — those 18 to 34 years ol
Posted on 4/5/18 at 10:09 am to GreatLakesTiger24
I have about 18k in student loans, 1700 on credit card, 14k left on my truck, and 58k left on a ski boat.
But I have over 20k in my checking account and make enough to save each month after paying all bills and living costs
But I have over 20k in my checking account and make enough to save each month after paying all bills and living costs
Posted on 4/5/18 at 10:10 am to Barstools
quote:
Nope, I rent.
dummy. 
Posted on 4/5/18 at 10:16 am to deltaland
quote:
1700 on credit card,
quote:
But I have over 20k in my checking account
Either you have that credit card debt on a 0% for 12 months deal... or you are doing something wrong.
ETA: Or you just pay it off in full each month and haven't done that yet...
This post was edited on 4/5/18 at 10:17 am
Posted on 4/5/18 at 10:19 am to deltaland
quote:
I have about 18k in student loans, 1700 on credit card, 14k left on my truck, and 58k left on a ski boat.
But I have over 20k in my checking account and make enough to save each month after paying all bills and living costs
These aren't numbers id really be bragging about.
Posted on 4/5/18 at 10:43 am to Smart Post
quote:
Link about most of this debt being linked to credit cards? It's right there in the OP.
More surprising is the 23% that are in Medical debt! How do more adults under 35 stack up medical bills than mortgages?
Posted on 4/5/18 at 10:54 am to CarRamrod
quote:
A quarter of millennials — those 18 to 34 years old
An 18 Yo is not a millennial
Agree, think they are being labeled as iGen now. I wouldn't be surprised if a few years now anybody currently under 23 or so gets put into iGen instead of Millenial. Kinda how current 35-41 year olds are being reclassified from Gen-X to Xillenial.
In the long run you'll end up with the following classifications:
Gen X: (Currently 41-55 years old) - Reached adulthood and entered workforce prior to the mass proliferation of the internet. Due to the work patterns of their parents they are known for raising themselves.
Xillenial (Currently 35-41 years old) - Reached adulthood sans internet, but almost as soon as reaching the work force these things started to proliferate. Office workers of this generation have never had a job without a computer on their desk. Similar to pure Gen X they were "Latchkey Kids" when they were growing up.
Millenial (Currently 23-35 years old) - Grew up with cell phones and internet being wide spread, common place technologies. But, smart phone driven social media didn't really come into focus until this generation was in their late teens and early adulthood. Social media supplements other forms of interaction.
iGen (Currently under 23) - Smart phones and social media have practically defined this generation's social encounters and their on-line persona and image mean everything.
Posted on 4/5/18 at 11:06 am to GreatLakesTiger24
So people just starting their careers don't have money? Wow. In other news water is wet.
ETA: Nm, has already been said.
Does "in savings" mean in a savings account from the article? Because I was under the impression that if you have 100k parked in a savings account not doing anything you're doing something wrong.
ETA: Nm, has already been said.
Does "in savings" mean in a savings account from the article? Because I was under the impression that if you have 100k parked in a savings account not doing anything you're doing something wrong.
This post was edited on 4/5/18 at 11:15 am
Posted on 4/5/18 at 11:17 am to KamaCausey_LSU
As a millennial I could probably pay for a surprise $1000 event... But I'd have to sell my bitcoin.
Posted on 4/5/18 at 11:19 am to KamaCausey_LSU
quote:
So people just starting their careers don't have money? Wow. In other news water is wet.
Millennials are 24ish to 36ish with some overlap. Usually goes 1982-1994. That vast majority are past "just starting their careers."
Posted on 4/5/18 at 11:20 am to BRIllini07
quote:still a little too broad. a 35yo now has not relation to a 23 year old. xilenial should go down to at least 30 if you were born in the 80s you remember life without cellphones.
Xillenial (Currently 35-41 years old) - Reached adulthood sans internet, but almost as soon as reaching the work force these things started to proliferate. Office workers of this generation have never had a job without a computer on their desk. Similar to pure Gen X they were "Latchkey Kids" when they were growing up.
Millenial (Currently 23-35 years old) - Grew up with cell phones and internet being wide spread, common place technologies. But, smart phone driven social media didn't really come into focus until this generation was in their late teens and early adulthood. Social media supplements other forms of interaction.
Posted on 4/5/18 at 11:25 am to TH03
quote:I think 1980-1989 is a nice round decades what should be millennials. Im almost in the middle and i can find similarities with people from 1980 to late 80s. But 90s babies and 70s babies i can tell there is a disconnect.
Millennials are 24ish to 36ish with some overlap. Usually goes 1982-1994. T
Posted on 4/5/18 at 11:29 am to GreatLakesTiger24
Mortgage? Deep debt
Car note? Debt
Student loans? Debt
These statistics aren't surprising in the least. Also, they are largely useless without breaking down the actual dollar amounts in the types of debt.
For example,
Well that sucks, but is that $30,000 or $100k in student loans or credit card debt? I ask because before one gawks at the debt, you have to know what kind of debt it is. Massive credit card debt is just stupid - but student loan debt has been necessary for a large portion of the Millennial population. If one buys a house via mortgage, you are instantly in several hundred thousands of dollars in debt. Buy a car? Could easily be 30k in debt.
All of this is to say: that article is vague and garbage, and paints a negative light on debt within the Millennial population with no frame of reference.
Car note? Debt
Student loans? Debt
These statistics aren't surprising in the least. Also, they are largely useless without breaking down the actual dollar amounts in the types of debt.
For example,
quote:
A quarter of millennials — those 18 to 34 years old — are over $30,000 in debt, including 11 percent who are over $100,000 in debt. Only 22 percent of millennials are debt free.
Well that sucks, but is that $30,000 or $100k in student loans or credit card debt? I ask because before one gawks at the debt, you have to know what kind of debt it is. Massive credit card debt is just stupid - but student loan debt has been necessary for a large portion of the Millennial population. If one buys a house via mortgage, you are instantly in several hundred thousands of dollars in debt. Buy a car? Could easily be 30k in debt.
All of this is to say: that article is vague and garbage, and paints a negative light on debt within the Millennial population with no frame of reference.
Posted on 4/5/18 at 11:30 am to CarRamrod
Going by the original definition that we came of age in the beginning of the new millennium, 1980 might be too early, but 1989 is a good end. My wife is 1992 and there's a ton of pop culture differences.
I also think I'd be much different if I had a younger brother instead of an older one.
I also think I'd be much different if I had a younger brother instead of an older one.
Posted on 4/5/18 at 11:31 am to GreatLakesTiger24
If not buying a house and a car outright puts you in debt, who isn't in debt?
My CC Bill could be lower every month. I put medical bills on it from some tests last year. I could pay it in full but I don't want to take money from my savings account if I don't have to.
My CC Bill could be lower every month. I put medical bills on it from some tests last year. I could pay it in full but I don't want to take money from my savings account if I don't have to.
Posted on 4/5/18 at 11:40 am to LSUBoo
quote:
Either you have that credit card debt on a 0% for 12 months deal... or you are doing something wrong.
I do. I also don't like a 0 balance because it can help your credit score to utilize a small amount of credit
Posted on 4/5/18 at 11:43 am to Smart Post
No it is not. That's exactly what I thought you were going to post so it's very easy to write a rebuttal.
Look at it again. 46 percent have credit card debt. What is the amount of the credit card debt? The article doesn't say.
36 percent have student loan debt. What's the amount? The article doesn't say.
Same with mortgage and car loans.
But what are the odds that the mortgage debt is over 150K on average, the college debt is over 30K, and the credit card debt is under 5K? Logical thinking would say it's very high.
So the averages that way would be 2300 in credit card debt, 11K in college debt, and 30K in mortgage debt. Double the credit card debt and it is 4600, which still pales next to the other forms of debt.
That's entirely hypothetical but much closer to reality than the chart from the article.
Look at it again. 46 percent have credit card debt. What is the amount of the credit card debt? The article doesn't say.
36 percent have student loan debt. What's the amount? The article doesn't say.
Same with mortgage and car loans.
But what are the odds that the mortgage debt is over 150K on average, the college debt is over 30K, and the credit card debt is under 5K? Logical thinking would say it's very high.
So the averages that way would be 2300 in credit card debt, 11K in college debt, and 30K in mortgage debt. Double the credit card debt and it is 4600, which still pales next to the other forms of debt.
That's entirely hypothetical but much closer to reality than the chart from the article.
Posted on 4/5/18 at 11:48 am to GreatLakesTiger24
Other millenials are idiots. I'm 36 and have 0 debt, my Saturn is paid off so no car note and I don't have a mortgage because I live at home. It sure does feel nice to be a big baller
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