As per the latest reports, a survey found that most millennials born between the 1980s to 1996 have an average of $40,000 debts and most of the debts aren’t education loans. The debt crisis seems to have risen over the years as most people are getting accustomed to credit card and loan dependency, especially millennials; says reports. The debt crisis grew as poorer people depend on the credit card for essential daily needs.

Students loans have almost tripled compared to the last decade, and it is by far the biggest amount ever recorded. The debts of millennials grew to over $1 trillion, and the crisis may worsen in the next few years. However, some reports believed that the debt crisis might fall by 2025 as more young people are settling with their jobs and the high-rate debts of education loans are cleared in recent years.

Although, most debts are accumulated from education loans, and on average, it takes up to 5-10 years to clear debts fully; the debts may eventually fall in the next few years. On the other hand, a survey also revealed that more than 30% of the millennials believed that they would never get out of debts, and it could lead to a more critical situation. Since 2010, the cost for education at universities has gone up by 15% percent, and it is most likely to increase as time passes.

The living cost of people have highly increased, this might have contributed to the increasing rate of debts. More than 50% of the people in the United States spend more than their income; studies found that parents of the current generation would buy things for their children from credit. For more information please visit https://www.getoutofdebtfree.org/

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