The average millennial (aged 18 to 34) had about $32,000 in personal debt, excluding home mortgages, last year, according to Northwestern Mutual's 2018 Planning & Progress Study. That debt can feel both crushing — and endless.

Just over 60 percent of millennials (classified here as those aged 18-37) with debt don't know when, or if, they'll ever be able to pay off what they owe, according to a new CreditCards.com report. That includes roughly 42 percent of millennials who don't know when they'll be able to wipe out their debt, and almost 20 percent of those who expect to die in debt.

There are some bright spots in the data: Among those aged 18 to 30 with credit card debt specifically, 79 percent say they have a plan to wipe it out. On average, they expect to be debt-free by age 43, CreditCards.com finds.

We all know millennial spend money on dumb or unnecessary shit. I think millennials spend more money than any other age group on going out to the eat because they don't know how to cook and spend a lot on fancy drinks like starbucks coffee or vitamin waters. So it doesn't surprise me that millennials don't know when they will ever pay off their debts.

What is really surprising in the graph below is all the other age groups are basically in the same boat as the millennials with senors basically saying they're going to die before all their debt gets paid off.

The graph is a glimpse into a much larger problem in society which is the debt driven economy that we no live under. You basically can't live a middle class lifestyle in this country without taking on huge amounts of debt for the rest of your life. I don't believe this economy can function much longer if huge amounts of debt is getting written off because people are dying of old age.

Lets not forget about college where most of our debt riddling lifestyles begin. In this country their are to many people getting worthless degrees at college and too many unemployed people with college degrees. I known many people in life that went to college for one thing, spend a bunch of money getting that degree and now they don't even work in that field. I also know many people that work in their degree field and hate it but can't quit to do something else because that would require them to go back to school and get another degree. They education system is this country is so fucked.

https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-faqs

Truly it's not just millennials feeling the pain of our debt driven economy and things probably won't get better until we as a society work at improving our lives or the economy crashes and burns and we're forced to change it. Either way I think we got some hard lesson ahead of ourselves to learn when it comes to getting everyone into debt.

Source: https://www.cnbc.com/2019/01/08/1-in-5-millennials-with-debt-expect-to-die-without-ever-paying-it-off.html

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