Millennials with debt feel more confident—and 40% expect to wipe out their balances in less than 5 years (via CNBCMakeIt)
Positive economic trends are a big contributor to Americans' newfound confidence about their debt levels, says Ted Rossman, industry analyst for CreditCards.com. "Stocks hit numerous record highs this past year, we recently hit the lowest unemployment rate in 50 years and we've enjoyed more than a decade of sustained economic growth," he says.Still, a majority of millennials, about 70%, do have some kind of outstanding balance.
Overall, Northwestern Mutual found millennials have racked up an average of $27,900 in personal debt, excluding mortgages. The findings are based on a survey conducted by The Harris Poll of over 2,000 U.S. adults. "I'm still concerned about credit card debt," Rossman says, noting that the average credit card interest rate is over 17%. "That's about four times higher than the average mortgage or auto loan. If you have credit card debt, knocking that out should be your top financial priority," he says.
For some, that's easier said than done — becoming debt-free can be difficult. "Even lower levels of debt can be a struggle to pay off for millennials struggling to find room in a budget dominated by record levels of health care, housing and childcare costs," saysJuggling higher costs of living while paying down debt hits millennials, who have lower incomes than prior generations did at the same age, particularly hard.
From there, start with simple steps and work your way up to completely paying off your debt. Come up with a plan to pay it down and set up a budget that works with your strategy. You can use either the so-called
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