2 in 3 Millennials Have Credit Card Debt, More Than Double the Number Who Have Student Loans
CompareCards survey reveals only 13% of millennial credit cardholders are debt-free, and about a quarter of indebted cardholders across all generations think they'll die in debt
CHARLOTTE, N.C., July 25, 2019 /PRNewswire/ -- Credit card debt weighs down more millennials' finances than student loans, according to a new report from CompareCards.com, which found only 13 percent of millennial credit cardholders are completely debt-free. Across all generations, nearly one in four cardholders expect to die in debt, including those in wealthier households.
CompareCards surveyed more than 1,000 cardholders about their debts, from credit cards and auto loans to mortgages and student loans. Cardholders revealed their wide-ranging battles with debt, and many indicated they aren't optimistic about their ability to pay it off.
Key findings
- Just 13% of millennial credit cardholders are debt-free, slightly higher than the 11% of Gen Xers who said the same, but far less than the 29% of baby boomers without any debt.
- 67% of millennials report having credit card debt, while just 36% face student loan debt.
- About 1 in 4 cardholders across all generations think they'll die in debt.
- 25% of women think they'll never be debt-free, compared to 19% of men.
- 16% of those who expect to die in debt have a household income surpassing $100,000.
- Only 7% of cardholders with kids under 18 are debt-free, compared to more than 20% of those with older children or no kids at all.
- 7 in 10 of those in credit card debt across all age groups have at least one other type of debt as well.
- On average, millennials with debt expect to be debt-free at age 49, and they took on their oldest existing debt at 24.
- Gen Xers who owe expect to be debt-free at age 67, and they took on their oldest existing debt at 30.
- Baby boomers with debt expect to be debt-free at age 81, and they took on their oldest existing debt at age 49.
"Most conversations around millennials and debt center around the nation's trillion-dollar student loan crisis, but the truth is, credit card debt is far more prevalent. With many millennials juggling student loan or car payments on top of credit card bills, it's no wonder some think they'll never be debt-free," said Matt Schulz, CompareCards Chief Industry Analyst. "Across all generations, it's shocking that nearly a quarter expect to die in debt. Viewing debt as a financial death sentence only makes matters worse, and those in debt should commit to action wherever and whenever possible. An extra $10 or $20 toward monthly debt payments can really make a difference in the long run, especially when coupled with reduced spending or a side gig."
To view the full report, visit https://www.comparecards.com/blog/statistics-credit-card-debt-millennials/
About LendingTree
LendingTree is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.
MEDIA CONTACT:
[email protected]
SOURCE CompareCards
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article