Over the past several generations, becoming an adult has been marked by hitting several major milestones — building a career, starting a family and buying a home. This idealistic view of things may no longer be a reality for young adults. Most Florida millennials are burdened with so much debt, from student loans, credit card bills and more, that getting ahead may be difficult.
The LendingTree conducted a study of debt held by millennials living in the largest 50 cities in the United States. They found that the average millennial living in one of these major cities carries an average of $23,064 in debt. Student loans account for about 41 percent of all millennial debt.
Florida had one city — Miami — make the list of 10 metro areas where millennials carry the least amount of debt, with the average individual carrying about $20,715. Experts may be quick to caution against looking at this as a good thing, though. Not only is it not that much lower than the national average, but less debt for millennials may signal a lack of access to credit or a college education.
Many Florida millennials are in difficult financial situations. Most are told to go to college to secure a well-paying job, but many find that the compensation from post-graduate careers are insufficient for repaying their student loans. This issue is often compounded by credit card bills, auto loans and more. Although the idea of bankruptcy might seem scary at first, addressing overwhelming debt sooner rather than later gives individuals more time to rebuild their financial security.