According to various sources, the average debt amount for Millennials varies depending on the specific type of debt. Here are some key debt categories and their average amounts for Millennials:
1. Student Loan Debt: Millennials carry a significant burden of student loan debt. According to a study by New York Federal Reserve, the average student loan debt for Millennials is around $34,500.
2. Credit Card Debt: Millennials tend to have credit card debt as well. According to Experian's State of Credit report for 2020, the average credit card debt for Millennials is approximately $4,712.
3. Car Loan Debt: Millennials often have car loans to finance their vehicles. A TransUnion analysis from 2020 suggests that the average auto loan debt for Millennials is around $19,100.
4. Mortgage Debt: The average mortgage debt among Millennials depends on factors such as location and homeownership rate. In 2020, the Federal Reserve reported that the average mortgage debt for individuals under the age of 35 was roughly $233,000.
It is important to note that these numbers are averages and individual circumstances may vary significantly.
What is the average debt amount for Millennials?
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