Deep in Debt: Millennials struggling to keep up

CHARLOTTE, N.C. (FOX 46 CHARLOTTE) – Millions of Americans stress about debt on a daily basis.

“I think of bondage and slavery and having someone over you with their foot on your neck,” Tom Condit said. “I don’t like debt.”

Millennials, the largest living generation are feeling the effects more than others.

“They seem to be spending more than they can probably afford,” JHG Financial managing partner Judson Gee said.

According to the Experian 2020 state credit report, the average 25 to 40-year-old has an average of $27,000 of non-mortgage debt.

“I’ve been able to stay out of debt most of my life except for my mortgage,” non-millennial Condit said.

Millennials are facing student loans, car payments, and the highest credit card debt that keeps increasing with interest.

“There is good debt and there is bad debt. Certainly, going and spending money on vacations and going out to expensive venues, food, alcohol, it’s not good stuff to put on credit cards,” Gee said.

“I think people my age don’t take it as seriously as they should,” Millennial Amanda Condit said.

She said she is lucky she grew up in a family that educated her about money but has witnessed the effects of frivolous spending around her.

“They kind of feel like they can just keep being pushed back and post-pone. I think that will come back to bite them in the end,’ Condit said.

Gee said he doesn’t put all the blame on the spenders.

“I hate to say this but I totally blame the educational system. People are literally scared to talk about money,” Gee said.