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Apr 8, 2016 2:09 PM

Study: 18% of millennials' paychecks go toward student loans


CONCORD - Having to budget and cut back due to student loans? If so, you're not alone.

A recent study by Citizens bank, shows not only does about 18 percent of millennials' paychecks go toward student loans, but it's caused them to significantly cut back on other purchases.

Fifty-four percent of those surveyed said they have to limit their travel, while 50 percent have limited their shopping for clothes, shoes and accessories.

Also, 45 percent said they don't eat out as much, while 40 percent have limited the amount they can spend on rent or a mortgage payments.

Some millennials are also expressing "buyer's remorse," with 57 percent saying they regret taking out as many loans as they did.

After the study has shown many to be experiencing these effects due to student loans, it may be time to turn your "buyer's remorse" into "buyer's beware."

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