More Indiana millennials racking up debt, seeking help in getting out
INDIANAPOLIS — New numbers show millennials are drowning in debt. And they’re not alone. WRTV Investigates found a 25% increase in Hoosier consumers seeking help with their debt.
Olarinde Dominic is a married Indianapolis father with one child.
“I’m an IT support specialist,” said Dominic.
Dominic, 36, was born in 1989, which makes him a millennial— the generation of adults born between 1981 and 1996. New data shows they’re struggling with debt earlier than any generation before it. Dominic is grappling with significant student loan debt, as well as monthly bills.
“Sometimes you get so overwhelmed,” said Dominic. “I’m working extra hours to even go above where I am right now. But it’s hard with the high cost of living and inflation.”
Millennials now make up 43% of all new debt counseling clients at Money Management International (MMI), one of the nation’s leading nonprofit credit counseling agencies.
MMI data also shows:
- The average unsecured debt balance among Millennial clients climbed to $30,000 in 2024.
- 66% of Millennial clients are renters—significantly more than older generations.
- 47% of Millennial clients report facing financial hardship due to credit card use, more frequently than older generations (42%).
Tara Alderete, director of enterprise learning at MMI, says the numbers are revealing.
Read more from WRTV here
