Why Are Millennials Struggling with Overwhelming Debt?

# Millennials and Mounting Debt: Exploring the Causes

Are you a millennial drowning in debt and wondering why? In this eye-opening video, we uncover the financial challenges faced by millennials today.

**Inflation:** Did you know that the value of a dollar has significantly decreased since 2013? It now takes $1.29 to buy what $1 would have bought back then. And it’s not just the cost of goods that have increased; food prices have skyrocketed by 30% in the same timeframe.

**Housing Costs:** The average cost of housing has surged by almost 40% in the last decade, leaving millennials struggling to afford a home. Shockingly, in just the past three years, the median price of a home has surged by over $100,000 in many parts of America.

**Lagging Incomes:** Unfortunately, incomes have not kept pace with inflation, leaving millennials at a financial disadvantage. As a result, credit card balances among millennials have soared by 25% in the past three years. The average millennial now carries a staggering $7,000 in credit card debt, with the prospect of higher interest rates and mounting payments.

In a nutshell, the cost of modern life is skyrocketing, and making money in today’s economy is no cakewalk. It’s a simple mathematical equation that millennials are finding impossible to balance.

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Ready to embrace a BOLD lifestyle? Check out our favorite articles for tips and inspiration:

– [How to conquer debt and build financial freedom](https://bit.ly/39EFAaf)
– [Strategies for increasing your income in today’s economy](https://bit.ly/3idFY41)
– [The real estate market: Understanding the trends and opportunities](https://bit.ly/3i800wD)
– [Smart strategies for managing credit card debt](https://bit.ly/39K5zwV)
– [Breaking down the cost of living for millennials](https://bit.ly/3CRuf36)

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Remember, financial empowerment starts with knowledge and proactive decision-making. Join us as we uncover the untold truths of millennial debt and work towards a more prosperous future.

*Keywords/Tags: BoldTV, millennials, debt, inflation, housing costs, credit card debt, financial empowerment*

*Transcript of the video: “Millennials are drowning in debt. Why is that? Well, first: inflation. You need $1.29 today to buy the same amount of stuff that $1 would have bought you in 2013. In the same time, food prices have also gone 30% higher. And housing is nearly 40% higher on average than it was a decade ago. And just in the past three years, the median price of a home is up more than $100,000 in many parts of America. All the while, incomes haven’t kept up with inflation. That’s why credit card balances are up 25% among millennials from three years ago. Today, the average millennial owes almost $7,000 in credit card debt, and those interest rates are gonna go higher, making your payments higher. In the end, folks, modern life is expensive, and making money is no easy task. That’s why millennials are drowning in debt. It’s simple math that just doesn’t add up.”*

**Sources:**

1. [Join our newsletter](https://boldtv.com/join-the-bold-news…)

2. [How to conquer debt and build financial freedom](https://bit.ly/39EFAaf)

3. [Strategies for increasing your income in today’s economy](https://bit.ly/3idFY41)

4. [The real estate market: Understanding the trends and opportunities](https://bit.ly/3i800wD)

5. [Smart strategies for managing credit card debt](https://bit.ly/39K5zwV)

6. [Breaking down the cost of living for millennials](https://bit.ly/3CRuf36)

Millennials are drowning in debt. Why is that? Well, first: inflation. You need $1.29 today to buy the same amount of stuff that $1 would have bought you in 2013. In the same time, food prices have also gone 30% higher.

And housing is nearly 40% higher on average than it was a decade ago. And just in the past three years, the median price of a home is up more than $100,000 in many parts of America. All the while, incomes haven’t kept up with inflation.

That’s why credit card balances are up 25% among millennials from three years ago. Today, the average millennial owes almost $7,000 in credit card debt, and those interest rates are gonna go higher, making your payments higher.

In the end, folks, modern life is expensive, and making money is no easy task. That’s why millennials are drowning in debt. It’s simple math that just doesn’t add up.

Want to subscribe to our newsletter? Join here: https://boldtv.com/join-the-bold-news…

Are you ready to be BOLD? Check out our favorite articles:
https://bit.ly/39EFAaf
https://bit.ly/3idFY41
https://bit.ly/3i800wD
https://bit.ly/39K5zwV
https://bit.ly/3CRuf36

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