Young people aren’t as debt-ridden as you might think, but they do struggle to wipe out their balances. YPulse discovered that 40% of Gen Z and Millennials owe debt. In a survey by New York Life, 43% of 23-to-38-year-olds said since turning 18-years-old, they haven’t accumulated more than $5,000 in personal debt, excluding mortgages. But while most young spenders don’t have debt in the six figures, 57% say they still have half or more of their debt to pay off, with only 15% wiping out their balance. (CNBC)
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