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The Boston Globe

Business

Debt burden forcing younger workers to delay major purchases

NEW YORK — The anemic economy has left millions of younger working Americans struggling to get ahead. The added millstone of student loan debt, which recently exceeded $1 trillion in total, is making it even harder for many of them, delaying purchases of things like homes, cars, and other big-ticket items and acting as a drag on growth, economists said.

The Federal Reserve Bank of New York, in a new study, found that 30-year-olds with student loans are now less likely to have debts like home mortgages than 30-year-olds without student loans — even though most of those with student loans are better educated and can expect to earn more money over their lifetimes. The same pattern holds true for 25-year-olds and car loans.

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