NEW YORK—Approximately three out of every four Millennials in the U.S. have some form of debt, and they're putting off major milestones because they can't pay up, another report has confirmed.
The study from NBC News/GenForward shows that a quarter of Millennials—those 18 to 34 years old—are over $30,000 in debt, including 11% who are over $100,000 in debt. Only 22% of Millennials are debt free, reported NBC News in its analysis.
“As a result, saving has taken a backseat, which has affected the pace at which Millennials live their lives and left most unprepared for a financial emergency,” NBC News aid.
Credit cards, meanwhile, are playing an even bigger role than student loans. Credit card debt is the most prevalent type among the group, while just two in 10 Millennials say they have a mortgage or home loan, NBC News said.