A large majority of millennials have accumulated over $100,000 in debt outside of a mortgage, according to a recent study.
A study by Real Estate Witch found that 72% of millennials had some form of debt other than a mortgage and, on average, owed $117,000.
A majority of millennials in debt, 67%, had some form of credit card debt, averaging $5,349 while 48% had student loans, averaging $126,993. Moreover, millennials on average spend nearly half of their monthly income, 47%, on housing alone.
President Joe Biden has explored cancelling student loan debt on a limited basis amid pushes from his party’s progressive base to eliminate them entirely. In late June, the government settled a suit to cancel $6 billion in student loans for 200,000 students who claim the schools they attended defrauded them.
Millennials, meanwhile, must also bear the additional burdens of rising inflation and interest rates.