MILWAUKEE, Wis.—Millennials who carry debt report owing an average of $27,900.
Forty percent of Millennials say their biggest source of debt is either credit cards or their mortgage, not their student loans, according to a new Northwestern Mutual survey.
And even though credit cards represent the biggest source of debt for one in four Millennials, approximately 22% don't know the interest rate they're being charged, stated Insider in its analysis.
What's more, a plurality of all indebted Americans surveyed (34%) don't know how much of their monthly income goes toward paying down their personal debt, the analysis found.
"Our data, along with national numbers, show that people continue to struggle with finding the right balance between spending now versus saving for later," said Emily Holbrook, senior director of planning at Northwestern Mutual.
Millennials carry a much greater debt load than their parents did at their age, with their liabilities accounting for 44% of their assets, noted Insider.
The survey comprised 503 Gen Zers, 672 Millennials, 595 Gen Xers, and 441 Baby Boomers. On average, Millennials who carry debt report owing a total of $27,900 (excluding mortgages), slightly less than Baby Boomers and about $8,000 less than the average amount Gen Xers owe.