We know how much money random millennials have in their bank accounts. We know their salaries and how much millennials save every month. We even asked about their tax returns.
And now, because this is clearly a very juicy topic I can’t stop writing about and you guys keep clicking on, let’s cover the not-so-pretty money stuff.
Credit cards, student loans, car loans, personal loans; I reached out to Mamamia‘s millennial readers and asked, ‘Exactly how much money do you owe?’
Again, hundreds of you got back to me.
Many of the answers were illuminating. And by “illuminating” I mean slightly anxiety-inducing.
That said, no matter how badly you feel about your financial health – no matter how much you feel like you’re drowning – be assured that you are not alone. And, as some stories shared below, you can turn it around.
But before you read anything, let me share this. Across almost every single person in debt, the biggest regret was the same: getting a credit card to live a life beyond their means.
Here are 12 women’s stories, which I picked at random.
Groundhog day, 32
This Mamamia reader currently has four credit cards, on which she owes about $45,000. Her situation is made more difficult by a car loan of $43,000, and a personal loan of $17,000. On top of this she has a mortgage of $600,000 (but at least has a home to show for it).
Understandably, this 32-year-old is feeling “terrible” about her financial situation, which is a source of stress on a daily basis.
The biggest financial mistake she’s ever made? “Continuing with credit cards.”
Should women feel ashamed for spending money on themselves? The Mamamia Out Loud team discuss. Post continues.
The simple money rule, 30
“I was taught that the only acceptable debt is against property or education,” one millennial told Mamamia. It goes without saying she has just the one credit card, but owes nothing on it.
She has a home loan of $870,000 with her husband, and is “very comfortable” with their financial position.
“My parents taught me good habits from early on, so I have always budgeted and never not paid a credit card off in full each month. My biggest mistake was when we renovated our house we underestimated what it would cost, and had to go back to the bank and ask for money. I am also rubbish at asking for a raise.”
Lost and confused, 24
Three credit cards with a total of $12,000 debt is enough to make this twenty-something stressed.