Millennials, Do you Have Debt?

Is that college still following you around? Do you have any debt in general? It shouldn’t surprise you that three out of every 4 millennials have some type of debt. Depending on how much debt you have you might be wondering what you could do to get out of debt. Where have you been spending your money? Have you been saving enough? Is there anything you can cut out? All these questions run through our head at one point or another, but when should we actually start doing this? If you don’t want to be stuck in debt for the rest of your life, watch the video above.

Only about 33% of millennials actually have credit cards, so where is our debt being collected? Besides credits card, millennial can see most debt coming from loans on school bills(36%), cars loans(34%), medical bills(23%), mortgage(20%), and others(11%). Out of all millennials, only 23% can say they have no debt. With so much debt you would think more Millenials would save money, but 24% do not have money in a savings account.  29% of Millenials have less than $1000 in their savings, 23% have below 5,000, 9% over 5,000-10,000, with only 10% having between 10-30,000. Millenials we need to save money, we need to get rid of our debt.

If you find yourself stuck in your debt with no savings. Here at Empower, we have Product specialist such as Keith who can help you get out of debt and create savings for life. Give us a call today and see how we can help!

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Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions.  If you have any questions, comment below and your question may be the topic of our next post!