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 […]

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.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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