Monday, September 10, 2018

Welcome to San Antonio: Millennial Debt City

Posted By on Mon, Sep 10, 2018 at 12:14 PM

click to enlarge Credit card balances account for just 14.8 percent of San Antonio millennials' overall debt. - WIKIMEDIA COMMONS
  • Wikimedia Commons
  • Credit card balances account for just 14.8 percent of San Antonio millennials' overall debt.
If you're in your 20s or early 30s and up to your ass in debt, you've got fam in S.A.

The Alamo City is the U.S. metro where millennials carry the most personal debt, according to a new LendingTree study. Millennials here owe $4,058 more than the median debt balance for the 49 other major cities surveyed in the research.

San Antonians born between '81 and '96 carry a $27,122 debt balance, while those in second- and third-ranked Pittsburgh and Austin had balances of $26,403 and $26,164, respectively.

To get those numbers, researchers compared anonymous credit-report data from Lending Tree users, excluding home loans.

“The millennial generation makes up the younger portion of adults, and as they build their careers, families and communities, they’re doing it encumbered by personal debt,” Senior Research Analyst Kali McFadden said.

So, why is San Antonio's debt so high?

Hard to say, since Lending Tree didn't delve into factors like each city's wage structure or educational attainment level.

But this detail offers hints: Millennials here owe more than nearly any other metro in the amount of their total debt based on their auto loans — 43.2 percent. By comparison, student loans account for 30.2 percent of our overall debt and credit cards another 14.8 percent.

If you're one of those San Antonians who borrowed big for a nice ride, experts recommend kicking in a little extra per month to pay off the loan sooner and seeing if you can refinance for a more favorable rate.

Of course, both of those things are easier said than done when you're still building both your career and your credit. But at least you're not suffering alone, right?

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