The Millennial Debt Crisis: Personal Loans for Everyday Bills

A new survey of 2,000 U.S. adults by Beyond Finance for National Financial Freedom Day reveals that the average American has $54,767 worth of debt, with credit card debt being the biggest hurdle (57%). The research also shows that 56% of respondents owe more for necessities than for “nice-to-haves.” The rising cost of living (54%), unexpected expenses (46%), and rising interest rates (29%) are some of the reasons why people feel uncertain about their ability to remain out of debt. The survey also found that only 38% of respondents feel “very confident” in their ability to remain debt-free.