Millennials are accumulating debt at historic rates, and it could get worse for the next generation, experts told Newsweek.
" taking place at the moment,"where instant gratification and consumerism are prioritized over long-term financial planning," Owen said."Millennials tend to overspend on non-essential items, take on high-interest loans without fully understanding the terms, and fail to prioritize debt repayment."
"That not only means that there are more ways to incur debt, but also that the assumption of debt has been normalized," the economist explained. Earle said:"For a nation whose prosperity is as dependent upon markets and sound commercial practices as the United States is, Americans are disappointingly ignorant of basic finance and economics."
"If we expect teenagers to sign a document [for college education] that will put them into severe debt for decades to come, we should be equipping them with adequate knowledge to make an informed financial decision," Gross said.The impact that the burden of millennials' debt can have on future generations is"a huge concern," said Sprung.
King also noted that the debt struggle is expected to continue with younger generations, particularly given the rise of new types of credit, such as Buy Now Pay Later offers. These are"point of sale credit plans to fund even the smallest purchases, such as a pizza delivery," he said.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Sister of Green Beret killed fighting Russians in Ukraine speaks outMaimer's family 'didn't have confirmation' before seeing the video, Amanda Weishaar told Newsweek.
Leer más »
Why some central banks are rushing to hike rates now | CNN BusinessCentral bankers across the globe are delivering a message: Slow and steady won’t win the race against inflation.
Leer más »
Why did the last ice age end?What caused the last ice age to end around 10,000 years ago?
Leer más »
Why the Internet Couldn’t Get Enough of the Missing SubmarineThe Titanic-bound missing vessel that gripped the world and ended in tragedy.
Leer más »
Cardano (ADA) Founder Says He Gets Confused for Vitalik Buterin, Here’s Why.IOHK_Charles debunks the rumor he had worked for Ripple in its early days. Cardano IOHK IOG VitalikButerin
Leer más »