Americans in their 30s struggle with mounting debt

Americans in their 30s are struggling with mounting debt, surpassing other age groups, and rising interest rates are making it harder to pay the bills. CBS News' Tony Dokoupil and Lilia Luciano are joined by Yahoo Finance reporter Akiko Fujita.

#news #personalfinance #debt

[iart]

Bottom line: wages too low in the wealthiest country

[TheAlfredPlatform]

Im not surprised. We've been dealing with economic catastrophes since we hit adulthood. Its all we know.

[mathisnotforthefaintofheart]

I don't think it's just Americans in their 30's...

[chapelknight]

For me, not having a family kept me out of debt. I have student loans, but i have enough to pay them off if the forgiveness program fails. My job does pay quite decently.

Being frugal and not having a family is a viable method for building wealth, sadly.

[kortni_animations]

We have zero debt. The only way we saved ourselves was by moving into a van. It averages a few hundred bucks a month for upkeep and repairs. We're actually planning on starting a retirement this month. It's very frustrating that this is what it takes but I'm so glad we're thriving at the bottom.

[jnwilliams]

I mean 2008 was a trying time for millennials entering the workforce. Then as we moved on the pandemic made things difficult. Now, we are using credit to subsidize ourselves. We are now the generation that fell behind, the first generation to experience a lower quality of living than previous generations. For any of you out there, know you’re not alone. The deck was stacked against us long ago and continues to flop.

[patgreco]

If you're not buried in debt you're not living the American dream.🤣

[MK-cwgw]

Yep, and when the student loan payments unpause this year things will only get worse.

[Vista-fgij]

I'm 34 and work hard, and it's still a struggle. My peers all party, rack up loans, skip work, and some even have kids. I'm not surprised to hear my generation is in the garbage.👎

[cristinabuffington]

The main reasons why I am doing quasi okay at the moment is because I don’t currently have a credit card, never had student loans because I didn’t go to college, and by currently living with my parents- I am keeping costs down on a few bills. But the pinch is still there

[BabsW]

You should treat a credit card like a debit card. Never get a credit card with annual fees and pay off the credit card bill automatically.

[caseywalker]

The fact that people are blaming their debts on others is so sad.

[timallison]

inflation, mostly on food and living expenses outside of housing, including out of control property taxes, are going to begin to force retirees OUT of the country.

[candiceferguson]

It's terrifying. I've managed to use every trick in the book and a few new ones to keep my debt level manageable and have a decent retirement. But my friends and peers can't stay employed, have mountains of loans, no savings, no retirement...nothing. I know people who filed for bankruptcy before 30!

[bigbanknewyork]

38% of student debtors took on car loans during the 3 year payment break. Crazy.

[missdesireindependance]

The key is to avoid car payments and find alternative housing to reduce debt. I brought a cash car using a zero percent balance transfer card for $5k.

[eddenoy]

Somehow 'debt consolidation' and 'negotiation' sound like grasping at straws.

[wewhoareabouttodiesaluteyo]

To be totally honest with the public, the only way I kept debt manageable was with help from parents. I still have $4.5K left to pay off on credit card; however, I would have been stuck with $13K and $32K in student loans. It really helps to stay with parents and see where they can help.

[bonquiqui]

I love how reporters keep saying “how did we get here?” Obviously if the cost of living keeps rising due to inflation and corporate greed and wages are stagnant then ofc people will need to take out debt to afford the basics….

[kevinswift]

2:22 the male anchor asks question then pulls out his phone lol