While many young people would like to really begin forging their own financial independence in their 20s, a large number might be prevented from doing so by the amount of debt they carry.
The average person between the ages of 20 and 29 in the U.S. has $45,000 in debt, and those figures grow as consumers get older, according to a new study from the PNC Financial Services Group. The average 20- or 21-year-old has some $12,000 in debt on average, while those between 28 and 29 owe roughly $78,000 each.
Not surprisingly, the most common debt held by these young people was for student loans – accounting for more than half – but by the time they were 29, another 48 percent also had credit card debt, 38 percent had car loans, and 29 percent carried mortgages, the survey found.
Consumers who want to take out lines of credit should first check their credit reports to make sure they are free of erroneous or unfair markings. Working with a credit repair company can help to clear up these issues quickly.