Young adults got rid of
substantially more debt than older adults after the Great Recession, according
to a new Pew Research study.
From 2007 to 2010, the median debt of households headed by an adult younger
than 35 fell 29 percent, compared with an 8 percent drop among households
headed by adults ages 35 and older.
Young adults' debt reduction was driven by
owning fewer houses and cars as well as holding a smaller amount of credit card
debt. However, many more young adults are burdened by student loan debt after
the recession than before; 40 percent held such debt in 2010, up from 34
percent in 2007.