Half of All Insolvencies Filed By Millennials
Retrieved on:
Monday, February 13, 2023
Millennials owed an average of $47,283 in unsecured debt in 2022:
Key Points:
- Millennials owed an average of $47,283 in unsecured debt in 2022:
More than 1 in 3 (35%) Millennials carried student loan debt, owing on average $16,725. - More than half (55%) had at least one extremely high-cost loan, with an average balance of $11,940, up 17.4% from 2021.
- 87% of Millennials owed credit card debt, and average credit card debt increased 1.5% from 2021 to $13,948.
- In 2022, 53% of all insolvent debtors, not just Millennials, had at least one Rapid Loan, and usage is increasing.