Salient to Investors:
Pew Research Center said:
- 24.7 million millennial households have reduced the debt they owe on homes, cars and credit cards some 4 times faster than their elders, but college loans are an exception.
- Student loans more than doubled in the last decade for households led by those under 35 – millennials – 40 percent of which were still owing in 2010 versus 34 percent in 2007.
- From 2007 to 2010, median debt for young households fell 29 percent to $15,473, while median debt for older households fell 8 percent dipped to $30,070.
- The share of younger homeowners fell from 40 percent to 34 percent and their median housing debt dropped $127,914.
- 66 percent of young households owned a car in 2011 versus 75 percent in 2007. 39 percent owed credit-card debt in 2010 versus 50 percent in 2001.
- Student loans made up 15 percent of millenials total debt in 2010, up 67 percent from 2007 and 114.3 percent from 2001.
Read the full article at http://www.bloomberg.com/news/2013-02-21/millenials-shed-debt-faster-than-older-americans.html
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