America’s 19- to 29-year-olds are facing $1 trillion in debt
NEW YORK – March 6, 2019 – The New York Federal Reserve Consumer Credit Panel reports that debt among 19- to 29-year-old Americans topped $1 trillion at the end of 2018, the highest debt exposure for young adults since late 2007.
Student loans make up the majority of the debt, followed by mortgage debt. Spending among those under age 35, however, has slowed compared to other generations, according to a University of Michigan survey.
The survey says weakened job prospects, delayed marriage, and educational debt may have played a role in their reduced spending.
Meanwhile, new mortgages among young adults today remain below levels incurred in the early 2000s, and implied debt that is 90-plus days delinquent for student loans dwarfs other loan-type categories.
At the end of 2018, auto loans were the third largest portion of debt composition in the United States, with overall consumer debt reaching a record $13.5 trillion.
Source: Bloomberg (02/25/19) Tanzi, Alexandre; Lu, Wei
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