How Much Debt Is Too Much In America?

In this video, we're going to go through the debt that each generation has in America. We'll specifically touch on consumer debt like mortgages, credit cards, vehicle loans, and student loans. All of these numbers are median amounts that have been reported by the Census Bureau. In short, things do not look good. The goal is to give you an idea of where you're at compared to your peers. I'm hoping this motivates some of you to start making a change to reduce your personal debt as soon as possible. Check Out My Recommendations (It helps support the channel): 🔥 M1 FINANCE Investing- Free $10 (once you deposit at least $100 within 30 days) https://bit.ly/427KBBn 📚 Here's a video on how to use M1 Finance https://youtu.be/kEOS-w21U3c 📝 NewRetirement - The retirement planning tool I personally use to make sure I'm on track with saving for retirement. It's perfect for "Do it yourself" investors https://bit.ly/3EAAhrJ 🔒 AURA - 14 day free trial to see if your personal information has been leaked online and have it removed https://aura.com/jarrad 📝 Empower - Free Net Worth Tracker https://bit.ly/3NUNtwq 📧 Business Inquiries: JarradMorrowYT@gmail.com Generation Z, born 1997-2012, have less debt than previous generations but faces challenges like student loan debt, a job market still recovering from the recession, and less financial support. Because they're still fairly young, they're just starting to enter the workforce and as such, they tend to have less debt than previous generations. They also tend to have less financial support from their families compared to previous generations. Despite some of these challenges, Gen Z is highly educated, motivated, and proficient in digital finance management. Millennials, on the other hand, who were born between 1981 and 1996, tend to have a high amount of student loan debt. Due to the rising cost of higher education, many Millennials have had to take out student loans to pay for college. This has led to a significant increase in the average amount of student loan debt among this generation, which is currently around $30,000 per borrower. They also tend to carry credit card debt and have less assets compared to baby boomers. This may be due to the fact that they entered the workforce during the Great Recession, which made it difficult for them to find well-paying jobs. Generation X, born between 1965 and 1980, often referred to as the "forgotten generation," tends to have a balance of debt and assets. They are considered to have less debt than Baby Boomers but more than millennials. They tend to have mortgages, credit card debt, and some student loans. They have also been hit with job insecurity, stagnant wages and high cost of living. However, many members of Generation X have been able to establish themselves in their careers and have accumulated some savings and assets. They are also more likely than millennials to own their own homes. They also tend to have more stable jobs and better benefits than millennials. Baby Boomers, who were born between 1946 and 1964, tend to have the highest amount of debt due to mortgage loans and credit card balances. Many Baby Boomers also carry student loan debt from when they or their children pursued higher education. As they approach retirement age, many Baby Boomers are finding it difficult to pay off their debts and save for retirement at the same time. Affiliate Disclaimer: Some of the above may be affiliate links. Support the channel by signing up or purchasing through those links at no additional cost to you. I appreciate you for helping me keep this channel running. Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio. Always remember that incentives determine the type of advice they give you so one that charges an hourly fee is less likely to be problematic.