Jump directly to the Content
Jump directly to the Content

Sermon Illustrations

Home > Sermon Illustrations

Historic Rise in Debt Among Younger Adults

A Wall Street Journal article begins with this story about the increased debt load many Americans are carrying:

Danielle Smith and her family thought they had finally escaped the paycheck-to-paycheck cycle they had fallen into. They saved money during the pandemic while they were stuck at home. They used stimulus checks to chip away at $20,000 in credit card debt and enjoyed a reprieve from monthly payments on their $160,000 in student loans.

Lately, they have been hit with one unexpected expense after another, from an out-of-pocket MRI to a broken water heater. They also took trips with their four children that they had put off because of Covid, including to Walt Disney World, local museums, and the zoo. By 2022, their credit-card debt had doubled to nearly $40,000. Ms. Smith said, “It’s just a never-ending cycle of playing catch-up.”

The article noted that American millennials in their 30s have racked up debt at a historic clip since the pandemic. Their total balances hit more than $3.8 trillion in the fourth quarter, a 27% jump from late 2019. That is the steepest increase of any age group. It is also their fastest pace of debt accumulation over a three-year period since the 2008 financial crisis.

Related Sermon Illustrations

25% Of Americans Have Holiday Debt from Last Year

For some shoppers, the upcoming holiday season may lead to piling on more debt. About 25% of Americans are still paying off holiday debt from 2022, according to WalletHub.

But those ...

[Read More]

Affluenza: The All-Consuming Epidemic

John de Graaf and his co-authors report in their book, Affluenza: The All-Consuming Epidemic, that four million pounds of raw material, such as mined metals and oil, are necessary ...

[Read More]