Millennials going into debt to keep up with peers

Millennials are a generation that drops acronyms into almost every sentence. And one popular term, FOMO, or fear of missing out, is creating rising debt. It’s the same “keeping up with the Jones” sentiment that has caused overspending in many generations, and a survey by Credit Karma shows 39 percent of millennials says they’ve spent money when they shouldn’t have.

It’s also a point of pride keeping their financial struggles secret, and the average millennial has more than $46,000 in debt. According to Credit Karma, “Expenses labeled ‘experiences’ were found to be the biggest FOMO items on the millennial shopping list.” Read the full article here.