INDIANAPOLIS — New numbers show millennials are drowning in debt. And they’re not alone. WRTV Investigates found a 25% increase in Hoosier consumers seeking help with their debt.
Olarinde Dominic is a married Indianapolis father with one child.
“I’m an IT support specialist,” said Dominic.
Dominic, 36, was born in 1989, which makes him a millennial— the generation of adults born between 1981 and 1996. New data shows they’re struggling with debt earlier than any generation before it. Dominic is grappling with significant student loan debt, as well as monthly bills.
“Sometimes you get so overwhelmed,” said Dominic. “I’m working extra hours to even go above where I am right now. But it’s hard with the high cost of living and inflation.”
Millennials now make up 43% of all new debt counseling clients at Money Management International (MMI), one of the nation’s leading nonprofit credit counseling agencies.
MMI data also shows:
- The average unsecured debt balance among Millennial clients climbed to $30,000 in 2024.
- 66% of Millennial clients are renters—significantly more than older generations.
- 47% of Millennial clients report facing financial hardship due to credit card use, more frequently than older generations (42%).
Tara Alderete, director of enterprise learning at MMI, says the numbers are revealing.
“I think all of us are feeling the effects of inflation,” said Alderete. “You’re looking at daycare costs, clothing, housing, taxes, repairs, gas, cars, and not to mention groceries.”
Millennials are also greatly impacted by increased housing costs. In February 2025, home prices in Indiana were up 5.7% compared to last year, selling for a median price of $255,400, according to real estate website Redfin.
“I think the younger you are, the less savings you have and you’re getting in more financial trouble,” said Alderete.
Credit cards are popular among millennials, which makes things even worse for the generation.
"If someone is looking at $30,000 in debt at 28 to 30 percent interest, that might take them 30 years to pay off, and they’re going to pay double what they owe in the first place,” said Alderete.
According to MMI, Indiana consumers average $24,623 in unsecured debt, which includes credit cards, personal loans and retail cards, but does not include debt secured with property like a mortgage.
Money Management International helps clients reduce their debt.
“You make a payment to us, we make the payments to your creditors but the biggest thing is—before we do that, we negotiate lower interest rates with these creditors,” said Alderete. “We’re able to negotiate rates down to 6 to 7 percent which is considerable savings.”
Dominic found Money Management International online.
“They got me a lower interest rate on my credit card, which impacted what I pay for my student loans as well,” said Dominic.
He says there’s no reason to suffer in silence.
“Ask for help,” said Dominic.
Tips from the Federal Trade Commission on avoiding debt relief scams:
- Never pay anyone who tries to collect fees from you before they do anything to help you deal with your debt. That’s illegal.
- Don’t share your financial or personal information with someone who calls unexpectedly, offering to help you settle your debts. That’s probably a scammer.
- Don’t do business with anyone who guarantees you results from a “new government program” for a fee, or tries to enroll you
