1 rich Libsyn https://www.libsyn.com 90 600 Millennials ages 25-34 have $42,000 in debt, and most of it isn’t from student loans Over 44 million Americans have student loans, with the average debt hovering around $33,000. And yet that's not the No. 1 source of debt for the average older millennial. Millennials between the ages of 25 and 34 have an average of $42,000 in debt each, according to Northwestern Mutual's 2018 Planning &amp;amp; Progress Study. The biggest source? Credit card debt. Credit card balances make up a full fourth of the average older millennials owe, while student debt accounted for about 16 percent, according to Northwestern Mutual. The findings are based on a survey of over 2,000 U.S. adults, including an oversampling of more than 600 millennials. &quot;As you grow older, your expenses increase. The additional pressures that come onto the pocketbook only grow and your disposable income shrinks in a lot of cases, even if your salary is growing,&quot; Emily Holbrook, director of planning for Northwestern Mutual, tells CNBC Make It. The pressure to start relying on credit cards makes a lot of sense, she says. Millennials also cope with many other financial burdens that other generations haven't had, including those high student loans, as well as self-funded retirement savings and soaring home prices, to name a few. Across the board in America, debt is on the rise — even though most people have a strong desire to pay it off. According to Northwestern Mutual's findings, the average American has about $38,000 in debt, up $1,000 from a year ago. Kerry Lutz's--Financial Survival Network https://FinancialSurvivalNetwork.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/7010042/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/7010042