Millennials are in the hot seat once again, this time for their staggering credit card debt.
Americans between the ages of 18 and 34 owe more than $56 billion in total credit card debt, about $1,808 on average, according to a recent Credit Karma Analysis.
Denver is among the top 25 cities in the United States where millennials have the most credit card debt, with an average of $2,795 and $2,462 respectively. Irvine, California, made the top of the list, with an average of $3,327. Denver ranked 25th, with an average of $2,273.
So, what’s driving all of this debt?
“For a lot of millennials, it’s this fear of missing out, or FOMO,” Bethy Hardeman, chief consumer advocate at Credit Karma, told the Dallas Business Journal. “We don’t have want to miss out on different activities because of what’s in our wallet and in our budget.”
