Millennials are now 25 to 40 years old and are heavily in debt - more than any age group before them. They are much 'broker' than their parents and older cousins. Bloomberg analysis found millennials are worse off financially than any generation before them. Financial Expert Bill Dendy says many graduated from college at an unfortunate time. "Right as the U. S. was coming into it's Great Recession, many Millennials were finding that jobs were not as plentiful as when they first entered college, and their student loan debt that they may have amassed - which was larger than any previous generation - just wasn't easy to pay back." Dendy says there's a popular saying that Millennials want the best and they want it right now. With easily available credit, they can easily get the best. "You start tying yourself to a debt cycle that's hard to recover from. That's not the freedom we are told that Millennials are wanting!"
Dendy says student loans and buying top-of-the-line items with credit cards is crippling them. "Low interest rates combined with the availability of credit has allowed many Millennials to continue to amass debt and not attack their Student Loan Debt or even pay down their credit cards." He says many graduated college during the Great Recession years with the largest student loans ever seen in the U.S.
Jobs were not as plentiful and they are having a hard time catching up. Dendy suggests financial counseling as early as high school would help a lot.
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Millennials in a Lot of Debt