Gina Heeb

speaker

171 appearances 4 recordings 1 series first heard Feb 2023 last heard Jan 2025

Gina Heeb’s voice in public audio — every appearance, attributed to the second.

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So that includes things like starting a new business or investing.

But for millennials in their 30s, they haven't been feeling that way.

Thanks so much for having me.

So Americans in their 30s have taken on debt at a really remarkable pace since the pandemic.

Their total balances rose to more than $3.8 trillion in the fourth quarter, which is a 27% jump from three years ago before the pandemic.

It's also the fastest pace of debt accumulation over a three-year period since the Fed started this survey in 1999.

That's excluding the financial crisis, of course, in which a housing bubble drove those numbers to something like 40%.

Right.

It's a pretty stunning trend we're seeing.

The rate at which Americans in their 30s are taking on debt is higher than any other generation.

For example, the average credit card balance for millennials rose to about $6,750 in January, a 26% rise from 2019 levels.

Balances didn't really change for Gen X, and for older generations, they actually fell between 11% and 15%.

So you can see it's a pretty stark contrast.

So what we saw over the pandemic is that households in general did better than people expected in 2020.

They were stuck at home because of lockdown.

They were receiving stimulus payments, and they were able to pay down some debt.

But those benefits are over.

The economy's reopened, and people are back to traveling and commuting, and those stimulus payments have ended.

And they've ended at a kind of a tough moment for the economy.

Inflation pressuring people's budgets.

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