WORCESTER – Millennials living in Worcester are dealing with more debt in a shorter amount of time than in any other city, according to a report from LendingTree.
The report shows that debt among millennials living in Worcester increased by nearly 30 percent between 2018 and 2019 — the highest growth among 101 metro areas studied.
In Worcester, according to LendingTree’s data, the median non-mortgage debt increased from $21,600 to $27,800 — a large amount of that increase came from credit card debt.
Student debt constitutes for Worcester’s largest debt type, followed by auto loans and credit card debt for 2019. Personal loans only accounted for 9% of non-mortgage debts.
Among East Coast cities, Worcester isn’t alone in millennial debt. In fact, six of the top 10 metro areas listed in the report are East Coast cities.
To see how Worcester compares to other metro areas, scroll the map below:
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