Many Americans in their 20s and 30s now have significant amounts of both credit card debt and student loans, putting them in dire financial straits, according to a report from the Arizona Republic. In addition, the problems have only been worsened by a job market that has made it difficult for many young adults to find steady employment with good pay.
Many financial experts think young people develop unhealthy financial practices because they do not discuss proper habits with their parents, the report said. For example, children may see an adult make a purchase with a credit card, but not be around when they pay down their credit card debt.
A recent report showed that young adults' student loan bills eclipsed the amount of credit card debt last year.