Since the recession, total debt levels among the young have fallen. According to Pew, the median debt of below-35 households fell between 2007 and 2011 from $21.9k to $15.5k, a 29% decline. This debt decline holds for those with and without student debt histories. In fact, these debt declines have been so dramatic that even with youth incomes taking a plunge, the youth debt-to-income ratio fell between 2007 and 2010 from 1.63 to 1.46, a reduction of 10.4%.
The income side, on the other hand, has taken a serious hit. According to the Census, the median income of those between 15 and 24 fell between 2007 and 2011 from $10,986 to $9,808, a 10.7% decline. In the same period, the median income of those between 24 and 35 fell 8% from $32,736 to $30,134.