The recession is over, the market is booming, the economy is growing and Americans are buying.
Even with money we don’t have.
A new Comet study of data finds more than 80% of Americans owe somebody something, and no one is immune.
“Every generation is certainly carrying debt. Some of it is student loan debt, some of it is car debt, and some of it is mortgage debt. But what connects all of it is the need to pay it down as quickly as possible,” says Matt Schultz of creditcards.com.
The survey finds 80.9% of Boomers, 79.9% of Gen Xers, and 81.5% of Millennials are in debt.
Schultz says the amount of debt Americans are carrying on their personal portfolios is unprecedented.
“It’s really troubling because when you have a ton of debt in good economic times you’re probably not putting enough away for when things turn bad,” Schultz cautions.