It’s as if $1,000 car payments are not enough.
In news that will come as no surprise to their boomer parents, millennials in their 30s are digging themselves deeper and deeper into debt.
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And it’s not just due to their long-abiding love for avocado toast and bougie coffee — although both of these things have certainly become more expensive lately, thanks to inflation.
Their demographic alone amassed nearly $4 trillion in debt in the fourth quarter of 2022, according to the Wall Street Journal’s analysis of Federal Reserve Bank of New York data. This marks a 27% rise from late 2019 — the biggest jump of any age group — and it’s the fastest they’ve ever accumulated debt since the 2008 financial crisis.
Sorry, but I'm not going to be convinced that the consumer is healthy when you have credit card debt jumping 17% in one year. Not going to get any better when the job losses roll in, and I think that's coming too. pic.twitter.com/w0fcQ6CTpx
— Jeff Weniger (@JeffWeniger) March 7, 2023
h/t by scott_jr
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