2 ms·
Normal among millennials is being poor. Six-figure debt while working an hourly job with zero savings.
by carabiner 5y ago
Normal among millennials is being poor. Six-figure debt while working an hourly job with zero savings.
- TedShiller 5y agoI don’t think six figure debt is normal. It also depends on where the debt is from. Is it something they had to do (borrow money for food and rent) or elected to do (borrow money for low income degree)?
- not2b 5y agoIn the US, for the young, it may mean that you went to college. You have the equivalent of a mortgage with no house. And this is new: in many cases someone from their parents' generation who got the same degree and the same job would be debt free, because college used to be much, much less expensive (even after accounting for inflation) than it is now. Example: University of California (Berkeley or UCLA, etc). Currently about $12k a year tuition. 35-40 years ago is was zero, with a couple of hundred dollars in fees.
- uberduper 5y agoThis is not normal. This is a vocal, and somewhat obnoxious, minority of millennials.
- TedShiller 5y agoMost millennials are hardworking and responsible. A very vocal minority are not.
- shukantpal 5y agoRegardless of that statement's truthiness, that's very much irrelevant for the OP. Nowhere did they say they were broke.
- sokoloff 5y agoThey did say “I’m at the bottom with nothing.” It’s not a long walk from there to “they said they were broke”.
- xvedejas 5y agoHourly job with zero savings, sure. But is six-figure debt really common? I can find that the mean indebtedness is five figures, surely the median (amongst those without mortgages) is much less than that?