A new study has looked into millennial debt across the country.. and have come up with some interesting results.
The typical urban millennial carries significant debt, a new LendingTree study found. It revealed that the median debt balance for millennials living in the 50 biggest U.S. cities is $23,064.
But where have millennials gotten into the deepest debt? To find out, researchers analyzed anonymized credit report data of My LendingTree users who live in the 50 biggest metro areas in the U.S.
Their research was conducted by looking at debt balances of those born between 1981 and 1996, non-mortage obligations, and five debt categories including: student, auto, credit cards, personal loans and other.
The results revealed the 50 major U.S. cities in which millennials are the most (and least) indebted.
Highest millennial debt: San Antonio, TX
Lowest millennial debt: San Jose, CA
So where do we rank? Well, according to the study Indianapolis ranked 17 out of 50, with a median debt balance of over $24,000.
For more information on the cities ranked with millennial debt and how to tackle debt issues… click here