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Health & Fitness

Debt Deluge

Debt Matters.

A title of a blog post from last summer as, once again, the debt of the United States took center stage at an international level. This specter, along with budget cuts and the looming threat of default and/or additional credit downgrades, has unfortunately become part of the general economic conversation. Debt such as mortgages and credit cards has been discussed in great detail — but what about more specific information?

The generation known as the millennial generation (of which I am a member) is often heralded as the generation of Americans that holds the key to America’s future economic success. The largest generation since the Baby Boomers, and almost universally tech savvy, it appears that on the surface this is a good assumption. Nothing, however, is as simple as it seems — let’s take a look at the following quote from a great piece on cnbc.com

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Four in 10 millennials are overwhelmed by debt, with almost half spending at least 50 percent of their monthly paycheck paying off debt, a new study by Wells Fargo found. More than half—56 percent—reported living paycheck to paycheck.
This is a sobering statistic for both millennials looking to move forward in life with major purchases and life decisions and for the economy as a whole that is waiting for this generation to take charge.

Happy Reading!

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