Implications of the “Graying” Debt of America’s Baby Boomers
What age group makes up the largest segment of debtors in the U.S. population? According to a recent article in TheStreet.com , members of the Baby Boomer generation appear to have taken on the most consumer debt over the last several decades while Millennials, in large part, have shied away from large-scale consumer lending (including smaller automobile loans and larger mortgages for home purchases). In some cases, the fact that Americans in the Millennial generation have not taken on a substantial part of the consumer debt load may have to do with the amount of student loans that many owe, preventing them from getting a mortgage, for instance. What do these two age groups have in common? Both younger adults and aging Americans make up the two largest segments of the population, but their debt loads seem to be strikingly unequal. Baby Boomers Incurring the Larger Portion of America’s Consumer Debt The article cites a recent report from the New York Federal Res...