Let’s talk about money. Specifically, credit card debt and the generation carrying the heaviest load right now: Gen Z. Younger Americans today are starting out with more debt than any previous generation. From student loans to auto loans, this debt is piling up quickly, and credit card balances are no exception. Gen Z, those born between 1997 and 2012, are entering adulthood carrying significant financial burdens. Recent statistics highlight that as of 2024, the average Gen Z credit card borrower holds a balance nearing $2,800. This rise in credit card debt among Gen Z is alarming and requires attention to know what’s causing it and how it can be curtailed. The Elephant in the Room: The Rising Cost of Living As we all know, the cost of living is skyrocketing, and it’s affecting everyone. As you can probably assume, it’ll affect people on the lower end of the income ranking, hence why younger people are struggling today. Everything from groceries to gasoline, rent to vehicles — prices are climbing. Even day-to-day expenses are becoming harder to manage without incurring debt. Coupled with stagnant wages, young adults are forced to rely on credit cards to bridge the gap between their income […]
