Friday, July 22, 2016

Young America the Indebted

More than one in three young adults are worried about the amount of debt they’re carrying, according to a new report Fair Isaac Corp, which provides FICO credit scores. Thirty-seven percent of millennials aged 25 to 34 are concerned about their debt levels.

Their biggest debt burdens are mortgages, followed by student loans. Some 32 of millennials say they owe at least $20,000 on student loans. Another 45 percent said they owe at least $7,000 on auto loans.

There are mixed reports about whether student-loan debt is holding back homeownership among the young. Some 71 percent of people who don’t own homes and are paying their student loans say the debt is making it harder for them to purchase a home, according to a survey by the National Association of Realtors. But the Brookings Institution has released a report saying that student-loan debt isn’t dragging down home ownership.

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