Our Generation Has More Debt Than Any Other

Our Generation Has More Debt Than Any Other
Business
Like Us On Facebook
Like Us On Facebook

Generation-Y has a lot of advantages that other generations have not had, but, as with everything, there are two sides to everything. It seems as if Generation-Y also has some disadvantages, like having more debt than any previous generation did.

A new study conducted by the Ohio State University has concluded that our generation has more debt than any other, and that we pay it off more slowly.

The data showed that those born 1980 to 1984 had (on average) over $5,000 more in credit card debt than their parents did at a similar point in their lives and slightly more than $8,000 more when compared to their grandparents.

Ally | Elite.

Photo Credit: Getty Images

Share Tweet
React

Ally Batista

Ally is a preppy tomboy who loves all things football and fashion. She's a housewife in training and is known as the highly opinionated, and sometimes rude, first woman of Elite Daily. Be prepared to always be caught off guard.

More In Business

Women Katie Gonzalez

President Obama Will Sign Two Executive Orders To Help Ensure Equal Pay For Women

Tomorrow, President Barack Obama will sign two executive orders relating to wage transparency. The first will stop contractors from taking legal action against workers who publicly discuss their wages. The second executive order, which will require employers to provide worker compensation data organized by gender and race, will have important implications for helping women prove […]

Also On Elite

Women

27 Ways Every Girl Has Been That Basic B*tch On Instagram

Instagram is a revolutionary platform of social media and if you don’t agree, well maybe you’re just not following the right people. Unlike Facebook, Instagram isn’t just limited to your “friends.” You can follow fashion bloggers, fitness gurus (shout out: Jen Selter) and celebrities, which makes you feel like you are actually connected to them. […]

Money

When People Tell You That You Can’t, You Just Smile And Say, ‘Watch Me’

“Can’t” is a word that shouldn’t be a part of anyone’s vocabulary. I refuse to believe that things can’t be done. Even in the popular saying, only an apostrophe makes the difference between impossible and I’m possible. Have you ever noticed that some people are sometimes a little too quick to tell you why something […]

Videos

Outkast Is Back! Check Out Their Amazing Coachella Performance (Video)

It’s been 10 years since André 3000 and Big Boi appeared on stage together as Outkast, but the Dirty South duo made their triumphant return at Coachella last night. The celebrated Atlanta-based rappers dominated the scene during the 2000s, but the group took a hiatus in 2007 so that both members could focus on a […]