Log In

Your email is not your username

Register

If you were a member of the old Bodybuilding.com forums and would like to reuse your previous username, you can request it below. We use your email only for registration and do not store it. For more information, please see our Privacy Policy.

Confirm your email

A registration code was sent to your email. Enter it here.

Welcome

You have successfully setup your account.

Sign in

Quick Navigation Bottom Misc
Forum » Millenials Are A Trillion Dollars In Debt And Most Don't Even Own A Home
  1. Results 1 to 30 of 140
  2. Page 1 of 5
  3. 1
  4. 2
  5. 3
  7. Last

Thread: Millenials Are A Trillion Dollars In Debt And Most Don't Even Own A Home

post 1575708061 03-13-2019, 08:40 AM
-
#1
  1. MikeLowrrrey
  1. MikeLowrrrey
  3. Join Date: Jul 2018
  4. Age: 56
  5. Posts: 35,133
  6. Subscribers: 2
  7. Rep Power: 120067

Millenials Are A Trillion Dollars In Debt And Most Don't Even Own A Home

http://theeconomiccollapseblog.com/a...ven-own-a-home
When compared to a similar point in time, Millennials are deeper in debt than any other generation that has come before them. And the biggest reason why they are in so much debt may surprise you. We’ll get to that in a minute, but first let’s talk about the giant mountain of debt that Millennials have accumulated. According to the New York Fed, the total amount of debt that Millennials are carrying has risen by a whopping 22 percent in just the last five years…

New findings from the New York Federal Reserve reveal that millennials have now racked up over US$1 trillion of debt.

This troubling amount of debt, an increase of over 22% in just five years, is more than any other generation in history. This situation may leave you wondering how millennials ended up in such a sorry state.

Many young adults are absolutely drowning in debt, but the composition of that debt is quite different when compared to previous generations at a similar point in time.

Mortgage debt and credit card debt levels are far lower for Millennials, but the level of student loan debt is far, far higher…

While the debt levels accumulated by millennials eclipse those of the previous generation, Generation X, at a similar point in time, the complexion of the debt is very different.

According to a 2018 report from the St. Louis Federal Reserve Bank, mortgage debt is about 15% lower for millennials and credit card debt among millennials was about two-thirds that of Gen X.

However, student loan debt was over 300% greater.

Over the last 10 years, the total amount of student loan debt in the United States has more than doubled.

It is an absolutely enormous financial problem, and there doesn’t seem to be an easy solution. Some politicians on the left are pledging to make college education “free” in the United States, but they never seem to explain who is going to pay for that.

But what everyone can agree on is that student loan debt levels are wildly out of control. The following statistics come from Forbes…

The latest student loan debt statistics for 2019 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. Borrowers in the Class of 2017, on average, owe $28,650, according to the Institute for College Access and Success.

Due to the fact that so many of them are swamped by student loan debt, the homeownership rate for Millennials is much, much lower than the homeownership rate for the generations that immediately preceded them. The following comes from CNBC…

The homeownership rate for those under 35 was just 36.5 percent in the last quarter of 2018, compared with 61 percent for those aged 35 to 44, and 70 percent for those aged 45 to 54, according to the U.S. Census. The millennial homeownership rate actually dropped in the fourth quarter compared with the third quarter, but was unchanged year over year.

This is one of the big reasons why “Housing Bubble 2” is beginning to burst. There are not enough Millennials buying homes, and it looks like things could be even worse for Generation Z.
post 1575708221 03-13-2019, 08:42 AM
-
#2
  1. badbl00d
  2. Registered User
  1. badbl00d
  2. Registered User
  3. Join Date: Jul 2015
  4. Age: 44
  5. Posts: 42,044
  6. Rep Power: 363602
And then you have Ashin on his way to becoming the trailer park king of Nunavut
No man is your friend
No man is your enemy
Every man is your teacher

Black Crew
Lol @ Tradies Srs
AP4 crew
post 1575708271 03-13-2019, 08:43 AM
-
#3
  1. messomi
  2. ▇ █ █ ▇ █ █ ▇
  1. messomi
  2. ▇ █ █ ▇ █ █ ▇
  3. Join Date: Apr 2017
  4. Posts: 20,365
  5. Rep Power: 362412
you mean they inherited the debt from the previous generation lol.
post 1575708641 03-13-2019, 08:48 AM
-
#4
  1. Kiop
  2. ™gif me so i can gif you©
  1. Kiop
  2. ™gif me so i can gif you©
  3. Join Date: Nov 2015
  4. Posts: 55,724
  5. Rep Power: 222392
With AI taking over
it will be harsher
srs
post 1575708771 03-13-2019, 08:50 AM
-
#5
  1. Reinhardt881
  2. Registered User
  1. Reinhardt881
  2. Registered User
  3. Join Date: Jan 2019
  4. Posts: 864
  5. Rep Power: 2443
Originally Posted By messomi⏩
you mean they inherited the debt from the previous generation lol.
Eerily true
ℜ𝔢𝔦𝔫𝔥𝔞𝔯𝔡𝔱
𝙳𝙲𝙲𝙲𝙻𝚇𝚇𝚇𝙸
post 1575708931 03-13-2019, 08:53 AM
-
#6
  1. backinthegymbro
  2. Never accept defeat!
  1. backinthegymbro
  2. Never accept defeat!
  3. Join Date: Aug 2018
  4. Posts: 23,402
  5. Rep Power: 275845
The price of houses raised a lot more than the minimum wage job salaries.
So even people who don't have an education are now unable to buy a house, where as 80 years ago people could buy a house and pay for it within a few years.
Cobra Kai never dies!
post 1575709001 03-13-2019, 08:54 AM
-
#7
  1. LeoThedude
  2. Registered User
  1. LeoThedude
  2. Registered User
  3. Join Date: Feb 2010
  4. Location: South Carolina, United States
  5. Age: 34
  6. Posts: 3,908
  7. Rep Power: 27612
Once the baby boomers die off it's going to be the last nail in the coffin for this countries economy... At this point it'd take another World War to fix it.
Height/Weight: Undisclosed to prevent possible triggering.

*Just finished cutting starting Bulking phase crew*
post 1575709361 03-13-2019, 08:57 AM
-
#8
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  3. Join Date: Feb 2009
  4. Location: Arizona, United States
  5. Posts: 73,524
  6. Rep Power: 348838
No debt crew.

Lmao @ blaming the boomers. My parents are boomers, yet I have no debt.

It's funny how you can control your own finances without playing the victim card.

I'm not a home owner, but am in a weird life situation where it's profitable for me to not buy a home at the moment....
post 1575709511 03-13-2019, 09:00 AM
-
#9
  1. darkninja67
  2. The Dark Lord
  1. darkninja67
  2. The Dark Lord
  3. Join Date: Aug 2009
  4. Posts: 87,403
  5. Rep Power: 802217
everyone blame me for racking up loan debt while getting your crappy liberal arts degree.


sense
rumpler of stiltskins

"I'm not afraid to die, I'm afraid I'll survive and have to watch you suffer" - Thy Art Is Murder

"Life will cease so breathe deep" - Lorna Shore
post 1575709551 03-13-2019, 09:00 AM
-
#10
  1. MikeLowrrrey
  1. MikeLowrrrey
  3. Join Date: Jul 2018
  4. Age: 56
  5. Posts: 35,133
  6. Subscribers: 2
  7. Rep Power: 120067
Originally Posted By HMFIC_BROWSIN⏩
No debt crew.

Lmao @ blaming the boomers. My parents are boomers, yet I have no debt.

It's funny how you can control your own finances without playing the victim card.

I'm not a home owner, but am in a weird life situation where it's profitable for me to not buy a home at the moment....
Did you read the Op? Credit card and Mortgage debt amongst millennials are down compared to boomers.
Originally Posted By darkninja67⏩
everyone blame me for racking up loan debt while getting your crappy liberal arts degree.


sense
Regardless of the degree, it shouldn't be so costly.

Weren't boomers telling all their kids to go to college anyway?
post 1575709581 03-13-2019, 09:00 AM
-
#11
  1. redliner9
  2. Registered User
  1. redliner9
  2. Registered User
  3. Join Date: Jun 2010
  4. Posts: 3,973
  5. Rep Power: 8639
House prices are kind of a joke in some areas.

Like a 150K house suddenly is worth 210K a year later with no improvements what so ever.

Get real with this bs, pretty sure it all has to do with getting more taxes from home owners
post 1575709591 03-13-2019, 09:00 AM
-
#12
  1. chickenbroccoli
  2. Registered User
  1. chickenbroccoli
  2. Registered User
  3. Join Date: May 2015
  4. Posts: 5,971
  5. Rep Power: 7623
Brb paying rent with student loans
post 1575709801 03-13-2019, 09:03 AM
-
#13
  1. xMetalocalypse
  2. Right Babe?
  1. xMetalocalypse
  2. Right Babe?
  3. Join Date: Apr 2012
  4. Location: Maryland, United States
  5. Age: 32
  6. Posts: 13,541
  7. Rep Power: 16049
Makes me wonder what the boomers who are trying to sell their 600k+ homes are going to do. Nobody will be able to afford that.
***MISC CIGAR CREW***

Awkward ab genetics crew

Too many crews to include in signature crew

Poverty Lifts:
B - 200 (5X5)
S - 265 (5X5)
OHP - 125 (5X5)
post 1575709891 03-13-2019, 09:04 AM
-
#14
  1. darkninja67
  2. The Dark Lord
  1. darkninja67
  2. The Dark Lord
  3. Join Date: Aug 2009
  4. Posts: 87,403
  5. Rep Power: 802217
Originally Posted By MikeLowrrrey⏩
Did you read the Op? Credit card and Mortgage debt amongst millennials are down compared to boomers.




Regardless of the degree, it shouldn't be so costly.

Weren't boomers telling all their kids to go to college anyway?
Don't know, never had kids.
Agree with other poster that the price of housing in many areas of the US are insane.
rumpler of stiltskins

"I'm not afraid to die, I'm afraid I'll survive and have to watch you suffer" - Thy Art Is Murder

"Life will cease so breathe deep" - Lorna Shore
post 1575709941 03-13-2019, 09:05 AM
-
#15
  1. stealthlife49
  2. Registered User
  1. stealthlife49
  2. Registered User
  3. Join Date: Mar 2010
  4. Location: United States
  5. Age: 35
  6. Posts: 1,354
  7. Rep Power: 7849
I don't blame anyone besides maybe the lack of financial education in public schools, but guess what, we have a thing called the internet where you can find that info if you really want to know. I didn't learn anything about finances up until I was about 22, but I had common sense enough to know that hey if I take out 25k in loans, I'm going to have to pay that back someday + interest! Weird concept today of people buying things and not paying for them today.

My biggest goal is to make enough money to where my kids can go to whatever school and not pay a dime. Leave that legacy.
Positive crew. 6'2" Crew. Bloatmax Crew.
post 1575709951 03-13-2019, 09:05 AM
-
#16
  1. RonaldMcflurry
  2. I woke up like dis
  1. RonaldMcflurry
  2. I woke up like dis
  3. Join Date: Jun 2016
  4. Posts: 14,495
  5. Rep Power: 80496
Good. Everybody should just default and let the system fall apart. Our entire economic/banking system is just a big scam anyways, and it is only going to get worse.
Nuggets of Wisdom
post 1575709971 03-13-2019, 09:06 AM
-
#17
  1. sword_
  2. uberschwert
  1. sword_
  2. uberschwert
  3. Join Date: May 2005
  4. Location: Texas, United States
  5. Posts: 107,635
  6. Rep Power: 912964
No debt crew. My mom keeps pushing me to get a house. Not really sold on it TBH.
A hit was sent, from the President, to raid your residence /
Because you had secret evidence, and documents /
On how they raped the continents, and it's the prominent /
Dominant Islamic, Asiatic Black Hebrew

- GZA "4th Chamber"
post 1575709991 03-13-2019, 09:06 AM
-
#18
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  3. Join Date: Feb 2009
  4. Location: Arizona, United States
  5. Posts: 73,524
  6. Rep Power: 348838
Originally Posted By MikeLowrrrey⏩
Regardless of the degree, it shouldn't be so costly.

Weren't boomers telling all their kids to go to college anyway?
Yes, and the adults who enrolled in college with no direction/plan aren't to blame?

Your victim complex annoys TF outta me.

If something is a rip off, don't buy it. Period.
post 1575710011 03-13-2019, 09:06 AM
-
#19
  1. Xax
  2. Foamroll yer glutes
  1. Xax
  2. Foamroll yer glutes
  3. Join Date: Apr 2010
  4. Posts: 3,528
  5. Rep Power: 4864
Originally Posted By darkninja67⏩
everyone blame me for racking up loan debt while getting your crappy liberal arts degree.


sense
First thing I thought of. Went to school for chit 4 degree, complains theres no jobs. Easier to blame someone else for your chit decisions.

Housing prices way out of control? Guess what, just move somewheres else.
post 1575710251 03-13-2019, 09:08 AM
-
#20
  1. Cudabrah
  2. Registered User
  1. Cudabrah
  2. Registered User
  3. Join Date: Feb 2014
  4. Age: 45
  5. Posts: 2,544
  6. Rep Power: 23432
It's almost like the government took over the student loan business (thanks Obama) and created disincentives to repay loans. Meanwhile the availability of funds for college (and therefore tuition) exploded and look what happens.
440+6 crew; Buccaneers Crew
* Engineering Crew *
post 1575710301 03-13-2019, 09:09 AM
-
#21
  1. RiYelir
  2. Always Pick 4
  1. RiYelir
  2. Always Pick 4
  3. Join Date: Dec 2007
  4. Posts: 3,688
  5. Rep Power: 21350
Originally Posted By xMetalocalypse⏩
Makes me wonder what the boomers who are trying to sell their 600k+ homes are going to do. Nobody will be able to afford that.
No one will. There is going to be a glut of houses going on the market as baby boomers die off or get moved into retirement homes as they age out. I imagine over the next 15 years housing prices are going to go down pretty significantly as more and more property comes on the market.
*MFC*
Misc Utah Crew
post 1575710311 03-13-2019, 09:09 AM
-
#22
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  3. Join Date: Feb 2009
  4. Location: Arizona, United States
  5. Posts: 73,524
  6. Rep Power: 348838
Originally Posted By xMetalocalypse⏩
Makes me wonder what the boomers who are trying to sell their 600k+ homes are going to do. Nobody will be able to afford that.
Except they ARE selling for $600k, and people CAN afford it and ARE buying them....

If no one was willing to pay for those homes, prices would naturally come down.

Not everyone turns out to be a loser, you know.
post 1575710321 03-13-2019, 09:09 AM
-
#23
  1. lightsarefallin
  2. Nukem
  1. lightsarefallin
  2. Nukem
  3. Join Date: Oct 2010
  4. Location: Canada
  5. Posts: 57,269
  6. Rep Power: 504833
With my wife and I's student debts and our mortgage on our house, I'm technically hundreds of thousands of dollars in 'debt.' I'm not having financial troubles, though. I pay my debts monthly. Education isn't cheap.
*Look at reflection in car window and flex every time crew*
*Use half the roll to wipe after a poo crew*
*Fart in the gym and blame rotten smell on faulty ventilation crew*
*Fart at home and blame it on the dog crew*
*Watch neutron-star density poop mock me as water flushes around it and it stays put crew*
*Drive 2 minutes in the summer and back of shirt gets completely wet crew*
*Coffee black as midnight on a moonless night crew*
*Fat shame my cat on a daily basis crew*
post 1575710371 03-13-2019, 09:09 AM
-
#24
  1. hughgainz
  2. Fatceps of peace.
  1. hughgainz
  2. Fatceps of peace.
  3. Join Date: Mar 2012
  4. Posts: 732
  5. Rep Power: 3218
The student loan crisis is huge... 1.5 trillion dollars in student loans. Couple that with people who refuse tolive within their meansand you have an entire generation of people who want to become socialist because uncle Bernie and aunt AOC say that the federal government will take care of them and absolve them of all wrong-doing.
post 1575710381 03-13-2019, 09:09 AM
-
#25
  1. 00_Juris
  2. Ω It's over Ω
  1. 00_Juris
  2. Ω It's over Ω
  3. Join Date: Jan 2010
  4. Posts: 1,837
  5. Rep Power: 1064
Originally Posted By messomi⏩
you mean they inherited the debt from the previous generation lol.
They aren't counting public debt.
post 1575710481 03-13-2019, 09:11 AM
-
#26
  1. Leon09
  2. Registered User
  1. Leon09
  2. Registered User
  3. Join Date: Mar 2010
  4. Posts: 5,642
  5. Rep Power: 7597
Fck education amirite
post 1575710521 03-13-2019, 09:11 AM
-
#27
  1. Cudabrah
  2. Registered User
  1. Cudabrah
  2. Registered User
  3. Join Date: Feb 2014
  4. Age: 45
  5. Posts: 2,544
  6. Rep Power: 23432
Originally Posted By RonaldMcflurry⏩
Good. Everybody should just default and let the system fall apart. Our entire economic/banking system is just a big scam anyways, and it is only going to get worse.
Except now the govt owns the student loan program. So if it "falls apart" guess who pays?

I'll give you a hint. It isn't the half of the population that pays no federal income tax.
440+6 crew; Buccaneers Crew
* Engineering Crew *
post 1575710671 03-13-2019, 09:12 AM
-
#28
  1. 00_Juris
  2. Ω It's over Ω
  1. 00_Juris
  2. Ω It's over Ω
  3. Join Date: Jan 2010
  4. Posts: 1,837
  5. Rep Power: 1064
Originally Posted By HMFIC_BROWSIN⏩
Except they ARE selling for $600k, and people CAN afford it and ARE buying them....

If no one was willing to pay for those homes, prices would naturally come down.
.
Were you in diapers during the Sub Prime lending crisis of 2008?
post 1575710801 03-13-2019, 09:14 AM
-
#29
  1. OffwhiteBrah
  1. OffwhiteBrah
  3. Join Date: Apr 2015
  4. Location: Florida, United States
  5. Posts: 50,218
  6. Rep Power: 545472
Whew missed a bullet there, Gen X here
post 1575710871 03-13-2019, 09:14 AM
-
#30
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  1. HMFIC_BROWSIN
  2. Buy high, sell higher.
  3. Join Date: Feb 2009
  4. Location: Arizona, United States
  5. Posts: 73,524
  6. Rep Power: 348838
Originally Posted By hughgainz⏩
The student loan crisis is huge... 1.5 trillion dollars in student loans. Couple that with people who refuse to live within their means and you have an entire generation of people who want to become socialist because uncle Bernie and aunt AOC say that the federal government will take care of them and absolve them of all wrong-doing.
This is everything ^^^^^

BRB, $0 saved for retirement
BRB, $125,000 in student loans
BRB, $32,000 in CC debt
BRB, go stand in line for the new $1,200 iPhone
BRB, blame boomers for my decision making
Quick Navigation Top Misc
Bookmarks
Digg.com
Digg
del.icio.us
del.icio.us
Stumbleupon.com
StumbleUpon
Google.com
Google
Facebook.com
Facebook
Posting Permissions
  1. You may not post new threads
  2. You may not post replies
  3. You may not post attachments
  4. You may not edit your posts