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More millennials have credit card debt than student loans

Summary

More millennials have credit card debt than student loans, a NBC News/GenForward survey finds.

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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.

Millennials more likely to hold card debt than student loans

See related:Millennials’ most-common debt: Cards, not student loans, Infographic: Millennials, once credit-shy, have gotten over it, More infographics

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Published: April 22, 2018

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