Generation Y suffers the most financially from loans, credit card debt

The latest survey from Western Union, a global payment services company, found that Generation Y consumers are struggling the most with their finances, such as student loan and credit card debt, as the economy continues to slowly recover.

Approximately 87 million Americans make up Generation Y, meaning they fall between the ages of 18 and 34. They are considered to be the creative, independent and tech-savvy generation, and the results from the Western Union survey found that they are in the deepest financial trouble. Almost 30 percent report having difficulty in managing their spending. Over 20 percent hold off on paying their bills, and 35 percent have borrowed money from loved ones.

“The silver lining is that, in spite of the difficult economy, Gen Y is engaging in money-savvy behaviors that can help build a better financial future,” said David Shapiro, senior vice president of Western Union.

Consumers struggling to pay off their loan or credit card debt can consider debt consolidation. Taking out another loan with a lower rate can reduce monthly payments.