Debt among 19- to 29-year-old Americans exceeded $1 trillion at the end of 2018, according to the New York Federal Reserve Consumer Credit Panel. That’s the highest debt exposure for the youngest adult group since late 2007.
Policymakers have recognized that lower spending limits economic growth. As a result, a number of policies to boost younger adults’ spending — such as forgiving student debt — have entered the political arena, according to Richard Curtin, director of the University of Michigan consumer survey.
Student loans are the second-largest consumer debt segment and surpassed home equity revolving debt, auto loans and credit card debt balances shortly after the recession ended. Overall, consumer debt reached a record $13.5 trillion. Americans tend to experience their peak debt during midlife years, and debt should decline as individuals age.
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