ATLANTA — Millennials have reached a new financial milestone, becoming the largest holders of consumer debt in the United States for the first time.

According to Atlanta-based credit reporting agency Equifax, millennials now account for nearly 37% of the nation’s consumer debt, surpassing Generation X.

That’s a significant increase from six years ago, when millennials held approximately 25% of consumer debt nationwide.

The shift comes as more millennials enter their prime homebuying years and take on additional mortgage debt.

Meanwhile, Generation Z borrowers are also accumulating more debt as Americans continue to face high housing costs and other financial pressures.

Bloomberg’s Courtney Donohoe contributed to this story.