More millennials have credit card debt than student loans
Third on young people's debt list? Car loans, new survey finds
Data whiz and visual storyteller
Student loans often capture the spotlight, but among America’s millennials, credit cards are a much more common source of debt.
According to a recent NBC News/GenForward survey, almost half of U.S. adults age 18-34 say they currently carry credit card debt (46 percent), while just 36 percent reported having student loans.
More than three-quarters of the respondents (77 percent) said they carried at least one kind of debt, with auto loans coming in close behind student loans at 34 percent. Only 1 in 5 millennials (20 percent) reported having a mortgage.
As for balances owed, a quarter indicated their debts totaled more than $30,000, while a quarter said they were sitting below the $10,000 mark.
The survey also found that college graduates are more likely to have credit card debt (56 percent) than millennials without a college degree (40 percent). But the college graduates have higher salaries, with 50 percent making $50,000 or more per year, while just 31 percent of non-degreed millennials are making that much.
The NBC News/GenForward at the University of Chicago Survey was conducted in February and March 2018 among a nationally representative sample of 1,895 adults ages 18-34. Results were released April 4.
- Data breaches dropped in 2018, but more personal information was exposed – The number of data breaches dropped 24 percent in 2018, but the number of sensitive records involved in those breaches more than doubled, for a whopping 126 percent increase ...
- Debit payments surge, but more money is spent on credit cards – If you've been using your debit card more often than you did last year, but charging more dollars to your credit card, your pattern matches the findings of a new study by the Fed ...
- Millennials most candid when discussing money with future spouses – A new survey shows millennial couples consistently reporting greater transparency and more candid discussion with their future spouses on a number of financial fronts than older adults ...