1 in 5 Adults Feel Physically Ill About Debt

September 18, 2019

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If you feel stressed out about your debt, you are not alone. According to new data released by Northwestern Mutual on Tuesday, a significant percentage of Americans are carrying large amounts of personal debt—and feel guilty about it. Millennials on average carry $27,800 in personal debt, most of it from credit cards, and members of Generation Z (born between 1995 and 2015) average about $14,000. And while both generations trail Gen Xers and Baby Boomers in the study, the high debt averages paint a troubling portrait of Americans carrying large amounts of debt at a young age—saddling young Americans with financial uncertainty unlike that of their parents and grandparents. Nearly half of those surveyed said they feel anxious about their debt, and 35% of respondents said that they feel “guilty” about the extent of what they owe. About 20% say they are made to feel physically ill on a regular basis because of their debt. But there is some reason for millennials and Gen Zers to be somewhat optimistic. Per the study, both generations are below the overall average debt for Americans as a whole: $29,800. And the youngest generations of Americans both trail Gen Xers, who carry an average of $36,000 in debt, and Boomers, who carry an average of $28,600. And the overall numbers have improved a great deal from last year, when Americans averaged $38,000 in personal debt, according to researchers.

SOURCE: Men's Health

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