Way back in 2010, the phrase “there’s an app for that™” was so buzzworthy and ubiquitous, Apple trademarked it. Today, even though Apple owns the phrase, the fact still stands that if you need something, there’s probably an app to assist you with it. This is even true for paying off debt. Debt trackers, loan apps, payoff debt apps… if you’re carrying debt, technology can assist you—right from your phone.
And if you live in America, the likelihood is that you are carrying at least some debt. According to statistics by the New York Fed , total household debt— which includes mortgages, student loans, car loans, and credit card debt —hit $13.5 trillion in the last quarter of 2018.
According to a TIME analysis of the New York Fed data, those under the age of 35 carry the most school debt, with the average millennial household owing $14,800 in student loans. Those between the ages of 45 and 54 had the highest amount of debt overall, at an average of $134,600. And that number is concerning to many, as it may mean more young people will carry debt well into old age.Read more