“Young Americans Faring Less Well in Credit Markets, New York Fed Report Finds”

“Young Americans Faring Less Well in Credit Markets, New York Fed Report Finds” was written by Michael S. Derby, published in the Wall Street Journal on 4:38 p.m. of April 2, 2019. It talks about how debt among those who are older and have higher credit scores, as well as those who live in wealthier households, which is something that is ‘leaving behind’ younger generations. They are often brought down by massive student debt and are not given the opportunities to build their credit with professional banks, as there are many who do not want to accept the business of college students and young adults until they have at least had a few years with a serious bank on their own. In addition to this, they are not given the chance to borrow money to pay off the debt that they accumulate, meaning that they are burdened even more as they are not given a way out of the problem they find themselves in. The article cites the fact that student loans are now at 10.7% of household debt, and auto loans are 9.3%, meaning that this is something that has been observed as rising exponentially over the past few years, which is very concerning. This impacts the marketing industry in that those who are looking to get involved in the marketing industry by either investing or attempting to work with a business or getting financially involved in any sense are highly limited if they are within these generations, as they have little to nothing to contribute. Also, this is concerning in that it damages the economy and can prove to be a serious problem when they are inundated in debt, rising the overall household debt in the nation to a point that it might not be able to come back from. This makes it harder for Americans to begin their lives, purchasing a home or taking out a loan or putting a down payment on a car, as they just do not have the funds to do so and are not given the chance to prove that they should be given this support. Because of this, this is a very serious problem that the nation has to address before more and more Americans are put in an uncomfortable position in which they cannot financially support themselves. 

https://www.wsj.com/articles/young-americans-faring-less-well-in-credit-markets-new-york-fed-report-finds-11554237538?mod=searchresults&page=2&pos=11