While millennials garner much of the negative press around financial issues — they live with their parents because they can’t get jobs! They spend all their money on avocado toast! — Gen Xers may be the ones who are really in trouble.
They’ve got the most credit card debt of anyone — yet still spend more than anyone on non-essentials. Members of Gen X have higher levels of credit card debt — which tends to carry a higher interest rate than most other debt — than other generations. Indeed, credit card debt levels peak between the ages of 45-54 at $9,096, with the second highest levels of debt being or those who are 35-44 at $8,235. Meanwhile, the under 35 set has just $5,808.
“For the average American, a few thousand dollars may not sound like a lot to spend each year on dining out and other financial vices,” said Amanda Dixon, a Bankrate analyst. “However, if a Gen Xer was to invest that $3,473 a year for 10 years at an 8% return, they would end up with just over $50,000 that could go toward their retirement savings or their child’s college fund.”
I like to read these type of articles, debt-to-income is very interesting. This one specifically shows people age 35 right now pay $250 month in small debt & mortgage debt around $152k. It's not too far off from other articles I've read. TurboTax has age 35 with a 133k total debt
Is the overall debt a mortgage? This seems dishonest at best, just like all the assessments of Millennials.
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