This technology is counting on the immature brains of this group to spend impulsively. It's not as if this is the only product that's seducing our kids into lifelong debt. There's plenty of blame to go around.
The New York Federal Reserve reports that the total U.S. student loan for those between 18 and 34 (about 500,000 people) is $10.5 billion. About 41% of that debt is owed by people between 25 and 34; each of them owe about $21,000 each.
Younger millennials are buying more expensive cars than those who are in the older ranges of the generation we call millennials.
Millennials 24 and younger have lower credit card balances, about $1800, which suggests that they are being more cautious about using credit.
If you're a parent of a millennial, caution them about the kinds of enticements that creditors use to get them to make purchases that are beyond their budget. Just pointing them out will make them aware of the financial dangers they face. Just be gentle and casual. They're adults, after all, and are unlikely to find a "lecture" to be welcome. But, you knew that, didn't you?
Guiding them to resources where they can learn more about budgeting, saving and investments is the ticket.
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