Total US credit market debt at $74.5 trillion.
from My Budget 360
Young Americans are having a tough time in this economy when it comes to pursuing their own version of the American Dream. New data highlights that many young adults are still living with their parents deep into adulthood and this is largely being driven by economic reasons. This is all happening during a time when the stock market is at a record high, housing values are up, and the employment rate appears to be healthy. So what gives? What gives is that many young Americans while having work, are not making enough to save for a home and are stuck having to pay off a mountain of student loan debt. Student loan debt now sits at $1.53 trillion officially but this data is old and we are racing to $1.6 trillion. Young Americans are having a failure to launch moment because many are already carrying mini-mortgages before jumping out of the nest.