3 out of 4 millennials

[mrhotdice]

In debt over $100,000.

However my banker told me that all through COVID when rents and house payments were put on hold that many people took their free government monies and instead of paying down debt, instead bought new trucks and cars. That the banker said the bank is getting ready for mass foreclosures in both housing and the new car market in 2023.

we may actually heading for a depression. And the scary thing is in this new 700,000,000,000 bill Congress is trying to pass adds 95,000 new IRS agents with gun carrying privileges. Wake up people.

 

[Ron Mehico]

Ok

 

[funKYcat75]

Thanks for the update.

 

[_Mav_]

...adds 95,000 new IRS agents with gun carrying privileges.

Instead of an audit they're just gonna shoot suspected tax cheats on sight? WTF?

 

[Rebelfreedomeagle]

 

[cricket3]

So 75% of millennials have a mortgage. Wild.

 

[gobigbluebell]

Instead of an audit they're just gonna shoot suspected tax cheats on sight? WTF?

How do you get that job exactly?

 

[Crums Bald Spot]

In debt over $100,000.

However my banker told me that all through COVID when rents and house payments were put on hold that many people took their free government monies and instead of paying down debt, instead bought new trucks and cars. That the banker said the bank is getting ready for mass foreclosures in both housing and the new car market in 2023.

we may actually heading for a depression. And the scary thing is in this new 700,000,000,000 bill Congress is trying to pass adds 95,000 new IRS agents with gun carrying privileges. Wake up people.

Just to add context, being in debt over $100k in the year 2022 is not a **** ton of debt if it's in context with a mortgage. Would be curious to see the breakdown of what it's for, the actual amounts, and then compare vs. Income to paint a picture if this is a real issue.

 

[UnfrozenCatfanLawyer]

Sounds like the millennials were true patriots and sacrificed their futures to keep the economy going with their ill-considered purchases. Buying **** you don’t need while drowning in debt is the American Way. OP is a commie.

 

[WayneDougan_rivals170043]

I'd be fine with doing a partial student loan forgiveness if - and only if - it completely changed the game when it comes to student loans. Meaning you could declare bankruptcy, interest rates would be tied to a risk adjusted ability to pay it back, etc. Let these potential students see their interest rate jump to 15% and tuition prices would drop with a quickness.

 

[WildcatfaninOhio]

 

[syrus12]

 

[KYExtemper]

I'd be fine with doing a partial student loan forgiveness if - and only if - it completely changed the game when it comes to student loans. Meaning you could declare bankruptcy, interest rates would be tied to a risk adjusted ability to pay it back, etc. Let these potential students see their interest rate jump to 15% and tuition prices would drop with a quickness.

Agreed. A forgiveness without structural reform is stupid. But this is government we are talking about so...

 

[H. Lecter]

So 75% of millennials have a mortgage. Wild.

Good for them actually. Beats paying rent

 

[H. Lecter]

Just to add context, being in debt over $100k in the year 2022 is not a **** ton of debt if it's in context with a mortgage. Would be curious to see the breakdown of what it's for, the actual amounts, and then compare vs. Income to paint a picture if this is a real issue.

Actually 100k is low. I’d expect it to be $300k plus which is manageable for plenty of working folks. Especially if they bought when mortgage rates were low. You have to buy a house young IMO so you have freedom when you get older and make more

 

[Tskware]

Yes, with the stock market coming back strongly, unemployment at 3.5%, the amount of jobless benefits at a 50 year low (and has been for months), gas prices coming back down, nearly anyone can see a depression is right around the corner. I would suggest OP should load up on canned goods and shotgun shells.

Tbh, I have two kids that need to buy a house, and I am hoping the housing market softens quite a bit.

 

[Ryan Lemonds Hair]

Just to add context, being in debt over $100k in the year 2022 is not a **** ton of debt if it's in context with a mortgage. Would be curious to see the breakdown of what it's for, the actual amounts, and then compare vs. Income to paint a picture if this is a real issue.

My guess is a lot of millennials have that much student loan debt.

 

[WayneDougan_rivals170043]

Tbh, I have two kids that need to buy a house, and I am hoping the housing market softens quite a bit.

I already have a house and would like to see the market drop too. I know high home prices make people feel good, but low cost housing is something that we should be able to provide for in the US. I mean we have a ton of space.

 

[TortElvisII]

https://www.forexlive.com/news/!/th...ades-every-trade-inevitably-a-winner-20211007

This will help.

 

[birdforbogey]

That old person has some nice perky tits and a wide mouth. Wood.

 

[Tskware]

I already have a house and would like to see the market drop too. I know high home prices make people feel good, but low cost housing is something that we should be able to provide for in the US. I mean we have a ton of space.

I am working right now for two different clients selling property for affordable housing projects in Fayette County, it is a big problem here like most cities. And we are not talking about Section 8, but a lot of people that work for the city, fire department, schools, restaurants simply can't afford to live in a decent home or even apartment in Lexington, which situation I never thought I would live to see.

 

[Dig Dirkler]

In debt over $100,000.

However my banker told me that all through COVID when rents and house payments were put on hold that many people took their free government monies and instead of paying down debt, instead bought new trucks and cars. That the banker said the bank is getting ready for mass foreclosures in both housing and the new car market in 2023.

we may actually heading for a depression. And the scary thing is in this new 700,000,000,000 bill Congress is trying to pass adds 95,000 new IRS agents with gun carrying privileges. Wake up people.

I thought you were going to say transgender

 

[birdforbogey]

That’s not good when most of them don’t want to work

 

[BlueBallz_rivals30790]

Literally:

A girl from my high school on her Facebook just before Covid checks "my car won't start and I don't have money to fix it, I don't know how I'm getting to work"

Covid check hits a few weeks later "whoo Covid check is here, ordered my new iphone!"

 

[funKYcat75]

Who raised these damn millennials? Sounds like they sure won’t parented correctly.

 

[Kingseve1]

Bankers can’t see the future any better than climate scientists, but you choose to believe the banker unequivocally.

 

[Dig Dirkler]

Bankers can’t see the future any better than climate scientists, but you choose to believe the banker unequivocally.

anyone that trusts a banker lives up to the old saying “a fool and his money soon part”

 

[ukalumni00]

anyone that trusts a banker lives up to the old saying “a fool and his money soon part”

My Dad lost our home because of horrible advice from a banker.

 

[Ron Mehico]

If that banker knew what he was talking about he’d probably be retired

 

[Laparkafan]

Here is the context of the article…

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

More than 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.

While most millennials have accrued a large amount of debt, the bulk of millennials, 63 percent, believe that they can pay it off over the next one to five years.

Meanwhile, a smaller number, almost 1 out of 10, estimate that it will take them more than 10 years to pay off their debts, while 1 in 16 believe that they will never be able to pay off what they owe.

To make matters worse, nearly 1 in 3 millennials, or 29 percent, admit to not paying off their credit card in full every month.

According to the report, among millennials with credit card debt the average amount they owe is $5,349.

The report also found that millennials on average spend 47 percent of their gross monthly income on housing each month, about 1.5 times more than the recommended 30 percent.

Only 10 percent of survey respondents said they have never had debt, which means that 90 percent of millennials have had some sort of non-mortgage debt in their lives.

Out of the 28 percent of millennials that are debt free, one in three has never had debt, while 1 in 4 have paid off their debt within the last year, the survey found.

 

[rbs]

I am not surprised by those statistics…. and I wouldn’t be surprised if other generations didn‘t or don’t have comparable debt challenges. That said, student loan is concerning … though, the salary levels have increased a good bit the last year or so and next, albeit inflation has eaten into that.

One last comment, the Boomer generation, who have mostly done well, are having to deal with the decreasing value of their dollar due to inflation … with minimal opportunity to increase their income to deal with that inflation. So, everybody is having to deal with something …. all the more reason why we have to get this inflation under control and there is going to be some time and pain across the spectrum in order to do that.

 

[birdforbogey]

I know of some companies offering paid tuition or tuition reimbursement; however, most of them don’t take advantage of it.

 

[sluggercatfan]

In debt over $100,000.

However my banker told me that all through COVID when rents and house payments were put on hold that many people took their free government monies and instead of paying down debt, instead bought new trucks and cars. That the banker said the bank is getting ready for mass foreclosures in both housing and the new car market in 2023.

we may actually heading for a depression. And the scary thing is in this new 700,000,000,000 bill Congress is trying to pass adds 95,000 new IRS agents with gun carrying privileges. Wake up people.

Too late.

 

[FtWorthCat]

Who twisted the banks arm to lend them the money, if they are high risk?

 

[hmt5000]

Agreed. A forgiveness without structural reform is stupid. But this is government we are talking about so...

So someone who didn't take a student loan, and probably makes less money, should pay for the poor decisions of college grads? Shouldn't college grads be smart enough to budget their payments?

 

[chroix]

I like that millennials is still a stand in for young people. Millennials are getting old now. They should have more debt.

 

[ukalumni00]

I could not imagine having that much debt (outside a mortgage loan). It would be suffocating. I can see how the younger generations are struggling to accumulate wealth these days even for those who are responsible with their money. I count myself as very lucky to have gone through college when I did (costs were much cheaper) plus being able to afford a home, etc. at that time. It’s def an issue (those living way beyond their current means) but costs on everything have gotten out of control. We make good money with no debt (except mortgage) and we are feeling the heat with inflation. Gov does not care as they continue to spend money we do not have. It’s a major problem that has no end in sight.

 

[Cotaay]

Out of the 28 percent of millennials that are debt free

Having not actually seen the study seems like some interesting math is going on here, OP says 3 in 4 have over $100k in debt but this says 28% are debt free. So basically you either owe nothing or have over $100k.

My guess is they took the below stat and showing the average amount of those who do have debt and tried to make some catchy/misleading headline to get clicks, just another piece of fine journalism in 2022.

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

 

[bushrod1965]

I empathize with the financial challenges millennials face. I have a daughter, age 25, that falls into the age end of that group. She has a four year degree, has started grad school, as well as just began her first job in her field. Back in 1989, I was almost exactly at the same place in my life . . . college done, grad school, and starting my first professional job. The salary ranges for the two fields are very similar today.

I started at $20,000. She is starting at $41,000. Her income a little over 2x greater.

My grad school cost was around $500 per class. Her grad school cost is around $2,000 per class, which is around 4x greater.

I bought my first starter home for $52,000 a short time later. That same starter home was just on the market last year and brought $185,000. It sold for about 3.5x more.

And lastly, the average new car price in 1989 was $12,000 - $15,000. Fast forward to today and it’s easily in the mid $40k range. Again, 3x to 4x greater.

Millennials face a world where their income has doubled from their parents but the cost of living is by far outpacing the income growth. Many of them will never be able to afford to experience the lifestyle that their parents told them were part of the American way . . . work hard and you can live in a nice home, occasionally buy a new car, and take a vacation every few years. The math doesn’t work. I’d assume that’s the cause of their growing debt.

 

[Spica Orbit]

Who raised these damn millennials? Sounds like they sure won’t parented correctly.

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