Excerpt from: Huffington Post (click for full article)
Millions of young Americans will die in debt to credit card companies, according to new research from Ohio State.
People in their late 20s and early 30s (born 1980 to 1984) carry significantly higher credit card debt than older generations and pay it off more slowly, the study found. They have about $5,700 more than people born 1950 to 1954, and $8,200 more than those born 1920 to 1924. And they'll continue to charge well into their 70s, the study predicts.
Researchers examined Capitol One credit card data for more than 32,000 people from 1997 to 2009, including borrowers age 18 to 85. The study, which appears in the January issue of the journal Economic Inquiry, was the first to examine both sides of the equation -- how people borrow and how they pay off their cards -- allowing researchers to forecast payoff times.
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