Younger Americans Have More Credit-Card Debt Problems: Study
January 15, 2013
Americans in their late 20s and early 30s have more credit card debt than older spenders, according to a study published in the journal Economic Inquiry. Younger consumers also repay their credit card debt more slowly and are at risk of carrying debt their whole lives if they do not curtail their spending habits. For their results, researchers analyzed two large monthly surveys that included borrowing and repayment data on 35,542 people from 1997 to 2009. People born between 1980 and 1984 were found to have, on average, $5,689 more debt than their parents had at their age and $8,156 more than their grandparents. "If what we found continues to hold true, we may have more elderly people with substantial financial problems in the future," said study co-author Lucia Dunn, an Ohio State University economics professor.
External web links may expire.
Return to Headlines
Abstract News © Copyright 2008-2013 INFORMATION, INC.