Millennials have an average of $28,000 in debt—and the biggest source isn’t student loans
Credit cards and consumer debt other than college loans are weighing on the middle class generally, not just on millenials. One can feel the drag.
“One issue that a lot of millennials have is that they have not wanted to sacrifice their lifestyle, even though they have student loans or lower incomes,” Bonneau says. “That has left us in this spot where they’ve accumulated a significant amount of credit card debt.”