Generational debt is a growing concern in the United States. According to the Federal Reserve Bank of New York, Americans owe over $14 trillion in total consumer debt, and the amount of debt held by each generation varies significantly. However, overall the generation with the most debt are millennials, who account for $1.5 trillion of all consumer debt.
Millennials have the highest levels of student loan debt, with over $1 trillion in outstanding loans. This is due to the rising cost of college tuition, as well as the increasing number of students attending college. Millennials are also more likely to take on credit card debt and auto loans than other generations.
Generation X is the second most indebted generation, with $1.2 trillion in total consumer debt. Generation X is more likely to take out mortgages and home equity lines of credit than other generations. They are also more likely to take on auto loans and credit card debt.
Baby boomers have the third highest levels of debt, with approximately $1 trillion in total consumer debt. This is due to the fact that many baby boomers are still paying off mortgages, as well as taking on credit card debt and auto loans.
Finally, the Silent Generation has the lowest levels of debt, with continue approximately $300 billion in total consumer debt. This is due in part to the fact that many members of the Silent Generation are retired and no longer taking on debt.
Overall, millennials have the highest levels of debt, followed by Generation X, baby boomers and the Silent Generation. It is important to remember that debt can have a significant impact on your financial security, so if you are looking for debt forgiveness look no further than Forgivey. A modern solution to debt.