SCOTTSDALE, Ariz. — A new survey said when it comes to credit cards debt, a lot of people aren’t doing as well as their mom and dad did at their age.
The Ohio State University study said that people born between 1980 and 1984 have an average of over $5,600 more credit card debt than their parents had at their age. They have $8,100 more than their grandparents.
Mike Sullivan of the Take Charge America Credit Counseling Service disagrees.
“Actually, I don’t find Americans in their 20s and 30s having more credit card per se,” he said. “I do find that ones we talked to have more debt than their parents did, but it’s not necessarily credit card debt.”
And, in fact, Sullivan said his experience is that young people have less debt than they did a few years ago.
“The total amount of credit card debt is actually down a little bit, even though the total amount of debt is up,” he said.
Ohio State University Economics Professor Lucia Dunn co-authored the study. She said in a statement to NBC News that “our projections are that the typical credit card holder among younger Americans who keep a balance will die still owing money on their cards.”
While Sullivan does not agree that people in their 20s and 30s have as much credit card debt as their parents and grandparents, he said they are taking longer to pay off their student loans and other debt. He believes that by the time they reach retirement age, they will be deeper in debt than their parents and grandparents are now.
- 2016 college football rivalry games you simply can't miss
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night
- New bone marrow procedure holds promise for healing pain
- The best places to celebrate Fall in Phoenix
- Infamous athletes who did the most time for their crimes
- Diet, exercise and aspirin: 3 tools to fight colon cancer
- 2016 baseball highlights, bloopers and blunders
- See how CFOs really feel about business in the Valley
- The best television shows on the internet
- The 5 worst things you could do for your roof
- 6 coolest things brewing in Arizona
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever
- Gameday recipes and beers to match
- 6 reasons the Cardinals are driven to win the Super Bowl