According to Federal Reserve data, student loan debt has surpassed $1.5 trillion and comprises 11% of America's collective household debt balance – second only to mortgage debt. More than 44 million Americans have student loan debt, with an average balance of around $33,000.
Given those statistics, you might expect student loans to be the biggest debt burden for millennials. However, at least part of the millennial generation has other debt concerns. According to the 2018 Planning and Progress Study from Northwestern Mutual, credit card debt outpaces student loan debt for older millennials (ages 25-34).
Among older millennials, credit card balances make up one-quarter of the average debt burden, compared to the 16% burden from student debt.They also carry more personal debt ($42,000) than the average personal debt of $38,000.
In some ways, this finding makes sense. Younger millennials are just starting their careers and beginning to pay down their stude...
from MoneyTips https://www.moneytips.com/number-1-older-millennial-debt-is-not-student-loans/141
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