Rising Debt, Stress Ensnare Twentysomethings

by Mike Bevel, CollectionIndustry.com

In an effort to be known for something more than bad grammar, poor fashion, and an utter lack of irony ? today?s generation of 20-somethings are trying to leave their mark by being the Debt Generation.

Nearly two-thirds of people in their 20s carry some debt, and those with debt have taken on more in the past five years, according to an analysis of the credit records of 3 million 20-somethings that Experian, the credit-reporting agency, did for USA Today. Their late payments are rising, and they’re more likely to be late than other Americans are.

Although the percentage of people ages 22 to 29 with debt has declined, those with debt are making up for those without. Their total debt is up 10 percent, to an average $16,120 as of Aug. 1, compared with five years earlier, Experian’s analysis found. Every type of debt – from credit cards to college to personal loans – has risen.

The 20-something generation isn?t finding a lot of sympathy with the Boomer Generation. Most Boomers see 20-somethings? debt levels as a result of the ?Instant gratification takes too long? school of thinking indicative of those in their twenties.