Average debt for someone between 18-24 is $28,090!

Tackling debt early in life
Posted at 12:19 PM, Feb 27, 2019
and last updated 2019-02-28 07:32:18-05

ORLANDO, Fla. (Ivanhoe Newswire) -- Ever wish your younger self knew how to budget, save and spend like you know now?

In a recent study, the average debt for someone in between the ages of 18 and 24 is 28,090 dollars. In another study conducted by Money Magazine, debt is at its highest when you hit the peak of your career. But it is possible to never be in debt!

Celine Pastore told Ivanhoe, “when you’re talking about money a lot of emotions can come up and I think there’s also false information about money as well.”

Recognize that wealth and success look different to everyone, but most importantly learn what it means to you. Make sure you select a significant other who shares your goals saving without a plan won’t cut it.

“Putting it in writing and sharing your values. I think that’s really the key,” Pastore said.

Get a mentor who lives the life you want, and listen to them. If you do acquire debt, then either pay off the highest interest rate or pay off the smallest balances first.

Approximately, eight percent of Gen X is in debt, and over 80 percent of baby boomers and millennials are in debt mostly due to credit cards, mortgages, and auto and medical bills.