Millennials are the most deeply indebted generation that has ever walked the face of the earth. Most don’t even own a home, yet they suffer under the weight of $1 trillion debt load.
According to an op-ed by Market Watch, this is not a good thing and doesn’t bode well for the millennial generation or the overall economy. The debt will be a problem, and millennials will pay so much for student loans that consumption and investment will be crowded out. While the $1 trillion number is large and not unnoticeable, the issue is what makes up all of this millennial debt. It’s mostly student loans, and a staggeringly high amount of these loans are in delinquency.
Society has done the millennial generation a great disservice by insisting they go into debt tens or even hundreds of thousands of dollars to get jobs that can be done with no college degree. The op-ed published in Market Watch states:
On a societal level, imagine what happens if the economy takes a wrong turn and these student loans — which are already 10% delinquent — go to 40% delinquent?
Not to get all “Book of Revelation” on you, but debt has historically led to war and inflation and autocracy.
If you are in debt, in most cases it’s your fault. But in the case of millennials, they made decisions to take out student loans when they were too young to make these decisions. What’s so sad and telling is that parents of these debt riddled millennials have never taught their kids about money and never suggested working and saving as a means to pay for a college education.
The remainder of this article is available in its entirety at SHTF Plan