The two types of debt that are common in millennials is credit card debt and loan debt.
This can be compare to baby boomers and generation x because about 60% of millennials in debt are student loans, while about 43% of debt are Gen Xers and roughly 18% of debt are baby boomers.
What is debt?
Debt refer to an amount of money or things that is borrowed by someone from another person.
Debt is something a person owed.
Credit card debt refer to when a client use his card system to borrowed money or purchased something he did not pay for.
Loan debt is the amount of money owed by a student.
Therefore, The two types of debt that are common in millennials is credit card debt and loan debt.
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