"In three years, Danikowski has racked up about $15,000 in debt across three cards, one of which has an interest rate of 28%. He makes his minimum payments each month - a task that has become much harder since he lost his job this year - and tries to resist the urge to keep using the cards, but his balance doesn't budge."
"A TransUnion study found that, adjusting for inflation, the average credit-card balance for someone who was 22 to 24 at the end of last year was $2,834, a 26% increase from the average figure for millennials who were the same age a decade ago."
"The combination of an increasingly turbulent economy and Gen Zers' desire to make up for lost time via pandemic 'revenge spending' has left many members of the generation overly reliant on credit."
"Gen Zers were opening more cards, were more likely to fall behind on payments, and were using the cards for more types of purchases. Alev told me Credit Karma data shows Gen Zers are acquiring debt at a faster rate than any other age group."
Collection
[
|
...
]