The group owes around $1.1t of the America’s $3.6t in consumer debt, and consumer debt it getting closer to 20% of GDP.
Where is the debt coming from? A lot comes from rising student and auto loans.
In addition to the economic risk involved in this kind of debt, it also has effects on psychology and behavior: A large portion of Americans reportedly worry about defaulting on loans in the next 12 months, and over 50% of those worriers are millennials. The group, aged 21 to 34 in 2017, are also changing spending habits by doing more searching and more waiting for lower prices before buying smaller items. Analysts are concerned that this trend will be the same when the group, entering the age where people usually buy homes and start families, shop or hold off shopping for large purchases.