• Financial Literacy Now or Calamity Later
• Why Do Younger Workers Have So Much Financial Stress?

      

Here's what you need to know about U.S. household debt from the Federal Reserve Bank's Household Debt and Credit Report (Q3 2017)

• Overall: The $13 trillion of household debt is $280 billion above its 2008 third quarter peak, and 16.2% above the 2013 second quarter trough.
• Mortgage balances: remain the highest component of household debt, comprising $8.7 trillion
• Mortgage delinquencies continued to improve, with 1.4% of mortgages 90+ days delinquent
• Student loan debt: $1.4 trillion, with 11.2% 90+ days delinquent
• Credit card balances: increased by $24 billion, with 4.6% 90+ days delinquent
• Auto loans balances: increased by $24 billion to $1.2 trillion, continuing a six year trend, while 90+ day delinquencies increased to 4%

Financial Literacy Now or Calamity Later

Why Do Younger Workers Have So Much Financial Stress?

What’s giving millennials so much agita? For one thing, student loans. Nearly a quarter of millennials blame high levels of student debt for their money-related anxiety. But given that the average borrower aged 20 to 30 is on the hook for a monthly payment of $351, that’s not particularly shocking.

And let’s not forget general debt — something younger workers are also familiar with. The average borrower under 35 carries an outstanding credit card balance of $5,808, and at 20% interest, which is in the ballpark of what many cards charge, that’s a lot of potentially wasted money. Throw in the fact that younger workers are typically dealing with lower levels of income, and it’s no wonder they’re so overwhelmed.  Click here to read more.