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Millennials are now the age group that is responsible for around $4 trillion of the total $16.9 trillion in American debt. The number was a 27% increase compared to millennials' debt in 2019, per Akiko Fujita, a Yahoo Finance reporter, in statements made to CBS News.

New government data showed that people aged 30 to 38 were responsible for around $4 trillion in debt, and as the Yahoo Finance reporter, this was because of soaring inflation. It was mentioned that the prices of gas, child care, and food, among others, have also contributed to the debt.

Fujita: "You've also got the [Federal Reserve] raising interest rates at a very rapid pace, which means higher rates for your credit card [and] your car payments,"

An example of the increase in expenses is how there is now a record share of Americans paying over $1,000 monthly at a 6% rate for new and used cars. According to CreditCards.com, the average credit card rate increased from 17.9% to 20.3% in six months.

The Yahoo Finance reporter then said that there are ways that millennials will be able to pay off their debt. She mentioned using the tax refund or consolidating those debts through a personal loan to help pay for them.

Fujita: "Sure, you may not get it down to 0, but you get it down from what is now a roughly 20% APR,"

Per an earlier report, it was noted that the $1.8 trillion student debt bubble is about to burst. This was after the three-year pause for federal student loan payments was set to resume in the next six months.

The Biden administration said there were plans to roll out a student debt forgiveness plan which could cancel $10,000 in student loans for those with an income of less than $125,000. This, however, could cost American taxpayers an average of $2,000.

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