Millennials are facing $1 trillion in debt via Business
Policy makers have recognized that lower spending limits economic growth. As a result, a number of policies to boost younger adults spending such as forgiving student debt have entered the political arena, according to Richard Curtin, director of the University of Michigan consumer survey.
Mortgage debt makes up the vast majority of overall consumer debt but it’s not growing nearly as fast as student loan debt. Since 2009, mortgage debt increased 3.2 percent while student loan debt grew 102 percent. At the end of last year, auto loans were the third largest portion of debt composition in the U.S. followed by credit card debt. Overall consumer debt reached a record $13.5 trillion.
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