Analysis of Debt by Generation: Generation X Leads in Non-Mortgage Debt
A recent study conducted by LendingTree has revealed some concerning statistics about the financial situation of Generation X individuals. According to the report, Generation X, which includes citizens between the ages of 49 and 59, are the most “indebted” group when it comes to non-mortgage debt.
On average, Generation Xers owe almost $10,000 more than the national average, with a median debt of $33,800. This is significantly higher than the debt of other age groups, such as Millennials who owe more than $30,500 on average.
The study also found that Generation Xers have the highest median balances on credit cards, car loans, and student loans compared to other generations. This indicates that they are struggling with various forms of debt, not just mortgages.
Credit card debt was found to be high across all generations, with a large percentage of individuals carrying credit card debt in the 100 largest metros. Millennials were found to be most likely to have student debt, but Generation Xers had the highest balance on average.
These findings highlight the financial challenges faced by Generation X individuals and emphasize the importance of financial literacy and planning for individuals of all ages. It is crucial for individuals to be aware of their financial situation and take steps to manage and reduce their debt to secure a more stable financial future.
