As the economic horizon teems with optimism, a darker reality unfolds for Generation X and Millennials, signaling a looming debt crisis.
The surge is fueled by escalating balances across mortgages, auto loans, credit cards, and student loans, as reported by the Federal Reserve Bank of New York.
The average monthly debt payment has surged to $1,583, a substantial increase from the $300 monthly average observed in 2020.
This alarming escalation encompasses various types of active debt, from mortgages to auto loans, credit cards, personal loans, and student loans.
Mortgages stand as the predominant component, burdening households with average monthly payments of $1,855.
Auto loans trail closely, with monthly payments averaging $690, a figure escalating alongside rising interest rates.
Personal loans constitute the third-largest debt category, with average payments of $517 per month.
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