The recession was difficult for everyone, but it is clear it hurt some more than others. For households headed by young adults — anyone 40 or under — wealth adjusted for inflation remains 30% below the 2007 average.
This is not a good sign for the economy. Household consumer spending is very important and accounts for almost 70% of the economy.
Homeownership rates for 35-44 year olds have been dropping as well, further indicating a slowdown in spending for young adults.
If debt is keeping you from building wealth, contact a debt settlement attorney who can likely help you get rid of high-interest debt.
Kevin Fallon McCarthy
Latest posts by Kevin Fallon McCarthy (see all)
- Different Ways to Get Out of Debt - January 22, 2019
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- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018