Millennials Drowning In Debt; Why Is That?

Millennials are drowning in debt. Why is that? Well, first: inflation. You need $1.29 today to buy the same amount of stuff that $1 would have bought you in 2013. In the same time, food prices have also gone 30% higher.
And housing is nearly 40% higher on average than it was a decade ago. And just in the past three years, the median price of a home is up more than $100,000 in many parts of America. All the while, incomes haven't kept up with inflation.
That's why credit card balances are up 25% among millennials from three years ago. Today, the average millennial owes almost $7,000 in credit card debt, and those interest rates are gonna go higher, making your payments higher.
In the end, folks, modern life is expensive, and making money is no easy task. That's why millennials are drowning in debt. It's simple math that just doesn't add up.
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