More than a decade has passed since young Americans faced debt levels this high.
Debt among 19 to 29-year-old Americans exceeded $1 trillion at the end of 2018, according to the New York Federal Reserve Consumer Credit Panel. That's the highest debt exposure for the youngest adult group since late 2007.
Debt levels play a role in how young adults view their spending conditions, according to a University of Michigan survey Friday. Younger adults – those under age 35 – have reduced their spending compared with previous generations possibly because of weakened job prospects, delayed marriage and educational debt.