A new report from Goldman Sachs (GS) shows that more Millennials are living at home, despite the improving economy.
Continue Reading Below
That trend is worrisome to Lending Tree CEO (TREE) Doug Lebda. He discussed his concerns on FOX Business Network's Mornings With Maria noting that Millennials are still shy from the recession and aren't willing to take on as much debt. While they are responsible when it comes to repaying student loan debt, they are less inclined to take on additional loans, like a mortgage.
Lebda said that even though this is one of the best times to buy a home with low mortgage rates and higher rent prices, Millennials are not biting. He believes this trend will become a greater problem for the economy.
When asked about what the borrowing customer will look like in the next recession, Lebda said that those interested in borrowing will come from all over the credit spectrum and all walks of life. "Soon the market will look like the corporate debt market. Everybody can get a loan--just the rates vary," said Lebda.
He added that the smartest way to borrow is by obtaining a free credit score and understanding what that means.