Credit card and student loans top the debt chart for Millennials.
According to a Harris Poll, Millennials are struggling with debt from both student loans and credit cards.
Approximately 42% of Millennials who participated in the survey explained that the pressure of debt is their largest concern. 4 in 10 Millennials say that their debt is cumbersome, compared to Baby Boomers who are only at 23%.
There is a slight differentiation between male and females Millennials. 45% of females say that they are overwhelmed versus 33% of males. Approximately 56% of all Millennials in entirety say that they live paycheck to paycheck.
29% of Millennials said that paying off student loans is their primary financial concern after paying their monthly bills.
When Millennials were asked for estimations on their monthly debt as percentages, it averaged as follows: Credit card debt, 16% – mortgage debt, 15% – student loan debt 12% – auto debt 9% – and medical debt 5%
47% of all Millennials are forwarding 50% or more of their paychecks towards their debts aside from their monthly bills.
