Millennials Shed Debt Faster Than Older Americans – Bloomberg 02-21-13

Salient to Investors:

Pew Research Center said:

  • 24.7 million millennial households have reduced the debt they owe on homes, cars and credit cards some 4 times faster than their elders, but college loans are an exception.
  • Student loans more than doubled in the last decade for households led by those under 35 – millennials – 40 percent of which were still owing in 2010 versus 34 percent in 2007.
  • From 2007 to 2010, median debt for young households fell 29 percent to $15,473, while median debt for older households fell 8 percent dipped to $30,070.
  • The share of younger homeowners fell from 40 percent to 34 percent and their median housing debt dropped $127,914.
  • 66 percent of young households owned a car in 2011 versus 75 percent in 2007. 39 percent owed credit-card debt in 2010 versus 50 percent in 2001.
  • Student loans made up 15 percent of millenials total debt in 2010, up 67 percent from 2007 and 114.3 percent from 2001.

Read the full article at http://www.bloomberg.com/news/2013-02-21/millenials-shed-debt-faster-than-older-americans.html

 

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