27% Increase in Debt for Millennials

**Title: How to Eliminate Debt and Take Control of Your Finances | Expert Advice for Millennials**


Are you a millennial struggling with a mountain of debt? Join CPA Ed Gardner as he shares valuable advice on how to knock down that debt and regain control of your finances. In this video, we discuss the factors that have led millennials to accumulate massive amounts of debt and how to overcome these challenges.

One of the main reasons for this financial burden is the economic downturn that occurred between 2007 and 2009, which affected the starting careers of many millennials. Additionally, societal pressure to keep up with others and the recent COVID-19 pandemic have further exacerbated this issue. Rising interest rates and increased living costs, such as childcare expenses, have created a domino effect, trapping millennials in a cycle of debt.

Join us as we delve into the personal experiences of individuals who have faced these challenges head-on. Learn how they fell into debt and the steps they are taking to free themselves from this burden. From personal loans to college debt, we explore the various avenues through which millennials find themselves in financial distress.

Discover the importance of financial literacy and how it can empower you to make informed decisions that will lead to a healthier financial future. We discuss the resources available to millennials, such as credit education and investment opportunities, that can help pave the way for a more stable financial life.

Don’t let debt hold you back any longer. Together, we can break free from its grasp and achieve financial independence. Join us on this journey of financial empowerment and learn how to eliminate debt and take control of your finances.

Subscribe to FOX 26 Houston for more insightful videos on personal finance: [Subscribe Now](

Watch FOX 26 Houston Live for the latest news, weather, traffic, sports, and breaking news: [Watch Live](

Follow FOX 26 Houston on social media for daily updates and helpful tips:

– [Facebook](
– [Twitter](
– [Instagram](


– “Millennials Hit Hard by Rising Debt” – The Washington Post: [Read Article](
– “Managing Debt and Building Wealth” – The Balance: [Read Article](

Remember to prioritize your financial well-being and take the necessary steps to eliminate debt. Let’s build a more secure financial future together!

Money is tight for a lot of people, especially millennials! CPA Ed Gardner shares advice on how to knock down that mountain of debt.

Subscribe to FOX 26 Houston:

Watch FOX 26 Houston Live:

Houston area news, weather, traffic, sports and breaking news from FOX 26 Houston. Watch news and local programming daily from KRIV.

Watch more FOX 26 Houston on YouTube:
What’s Your Point?:
Isiah Factor Uncensored:
Positively Houston:

Download the FOX 26 Houston News app:

Download the FOX 26 Houston Weather app:

Follow FOX 26 Houston on Facebook:

Follow FOX 26 Houston on Twitter:

Follow FOX 26 Houston on Instagram:

Subscribe to the FOX 26 Houston newsletter:

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings


  1. Just becuase people advertise doesn't mean you have to take it. Financial responsibility is important. Banks and credit card companies are doing what they do, its up to you to spend smart. I got a 20k limit in one of my cards. Doesnt mean I carry that kind of balance every month. I use what I need and it is paid off the following month. If there are unexpected large expenses, get a balance transfer card and dump it in. Then pay it off in 18-21 months. Else there are cards that allows to break down your large expenses for a very very small fee. Utilize that. We gotta learn to live within our means not beyond it.

  2. People forgot the word "NO" blaming the system, government, but you don't blame yourself for been weak and stupid, for no using your simple Math, for trying to stay at the same level of your friends of your family, thats what is keeping you broke, learn to say NO right now is not on my budget, is not priority, is not necessity, I not need it. I cannot travel. No, No and No. Priorities are house, food, electricity, gas and transportation. Apps, kids cell phones, Netflix, cable, vacations, eating out are no necessity.

  3. I literally worked 7 days a week since the end of 2020. Last year I took a grand total of about 34 days off including days I was sick. I worked most holidays for the last 7 years. My issue was I was an only child and my mom has been sick and unable to work for years. I have taken care of her fully financially from the day I graduated college. Life can be hard! Life is expensive! I was once homeless with her living in the car with our two cats, and that was expensive! You couldn’t just go use the bathroom at a store without buying stuff. You couldn’t just sleep somewhere you felt safe because cops may tell you to move. I was okay before Covid hit and was about to go study for a second degree in 2020. Covid hit us financially really hard. I lost my job and put things on credit. I then found a job but paying less money. Finally I’m back on track but geez has it been difficult. I imagine a lot of people have had difficulties too. I can’t imagine trying to make it on minimum wage. I wouldn’t make it at all! There is just no way. How do you pay a car and rent or mortgage and bills and food… just no way. I am very fortunate that I have had the opportunities as well as experienced what I have and that allows me to see that it’s not just about “keeping up with the Joneses”. Some of us have just not been financially set up with a wealthy background or even a fair playing field background. We start off in a canyon…

  4. The way I see it . We the people have literally given credit card companies ( banks ) billions of dollars to bail out their bad loans that profited them. In 2008 Obummer or crappy Clinton’s gave billions and the banks gave ceo s bonuses when people were getting evicted from their houses. Yes I was way better off during TRUMP.!!!!!!!! Screw these politicians and their buddies the banks.

  5. I don't like a lot of thos conversation because they're missing the forest from the trees thinking young people are spending to keep up with the Joneses. Maybe in your early years because you're literally learning. You can learn all the financial literacy you want. It's an action and a habit at the end of the day and you build on that through trial and error. The rest of the issue is primarily economic.

  6. "As it is in Heaven so it is on earth", these kids amassed crazy debt just like the giant financial institutions. Both assume government will bail them out. In 2007 Too Big To Fail policy was a huge mistake. Shielding unrepentant bad behavior from consequences, invites that behavior to return. Every parent knows this.

  7. Nonsense. It is their poor self control and feeling of entitlement. Everyone faced the economic downturn, Covid, interest rate increases, inflation, etc., not just young millennials. Also, what makes all these young people feel that the only way to go to school is by taking out loans and running up credit card debt. I worked my way through university education and also did not use debt to party on spring break or take a tour of Europe while at school, so when I graduated i had no debt and they could do the same. Bottom line is that i don’t feel any compassion for their debt problems.

PCAOB Audit Review Reveals Unacceptable Levels of Errors

Évaluation du taux de prélèvement à la source dans la gestion de patrimoine ✅