Coronavirus restrictions are hitting the U.S. economy hard. For millennials burdened with college debt, it’s a scary time.
Kayley Hoddick is a photographer in Portland, Oregon. Seven weddings she had booked have been postponed.
“Spring is when I make all my money, pretty much, from final payments for weddings. And so it’s really difficult when you’ve already been living off savings for several months and now this happens and all my events are canceling,” Hoddick said
The average debt for millennials grew by more than 50% between 2015 and 2019. Many younger millennials also graduated just as the 2008 financial crash hit. If COVID-19 triggers another recession, it will be their second since leaving college.