It would seem that millennials have their act together in so many ways—historically, this is the generation that doesn’t like credit cards, doesn’t want to jump into the traditional milestones that mean big spending, and stereotypically is glad to stay with their parents as long as possible before being thrust out into dealing with their own households. One thing they are known for, however, is debilitating student loan debt; in fact, they may be so burdened with such debt that they could not buy homes or open businesses even if they wanted to do so.
Auto loans are an area beginning to show specific strain though regarding millennials. And while this area has been growing in delinquencies slowly in the past few years, now analysts looking at numbers from 2019 see a trend, with recent news explaining that not only are millennial consumers falling behind on some of their debts but they now carry the ‘third-highest average auto loan’ of any generation. Currently, Gen X’ers have an average loan debt of $21,570 and baby boomers of $18,759, with millennials checking in at $18,201.
“Millennial consumers saw the largest increase in their auto debt since 2012, with their average balance growing 28%,” states data from Experian. “Generation X also experienced a big jump in the past seven years, increasing their average consumer auto debt by 27%.”
These increases were also in the beginning stages in 2018, with a 3% growth, while Generation Z had also shown a jump of 5%. States like Wyoming show the greatest increases for millennials, who carry average auto balances of $24,414—while the same age group has the lowest average in Michigan, at $13,768.
If you are having trouble paying your auto loan debt currently and are in danger of having it repossessed, you may be worried about the repercussions to your credit score, as well as the possibility of having a default judgment granted against you in court. There are numerous options available to you, including filing for bankruptcy. Speak with an experienced auto loan debt attorney as soon as possible to deal with these issues before they get worse!
Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at firstname.lastname@example.org.