Younger Americans are racking up credit card debt faster than older generations. In the time since the U.S.
economy came to a pandemic-induced halt in the spring of 2020, their credit card debt has grown more on average, while older generations have seen reductions in average credit card debt balances, according to Experian.
All adults under the age of 42 are accounted for among millennials and Generation Z—the oldest members of Gen Z are turning 25 this year and the oldest millennials are turning 41. It's these younger Americans whose average credit card debt has increased the most compared to other generations over the past two years.
Youngest generations see fastest credit card balance growth during pandemic Since the start of the COVID-19 pandemic, the credit card debt for Gen Z and millennials has grown at a faster rate than other generations. Credit utilization ratios increased for Gen Z and millennials Looking at credit utilization, which measures credit card balances against credit limits, baby boomers and those in the Silent Generation use the least amount of their available credit on average compared with other generations.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Using a credit card could soon cost you more as retailers allowed to pass on ‘swipe’ fees to customersRetailers can soon pass transaction processing fees on to customers who pay with credit cards.
Read more »
Southwest Nova Gift Card promotion aimed at supporting businesses, shopping local | SaltWireOver 100 businesses, including retail, hotels, restaurants, breweries and other experiences, across three Chamber of Commerce areas – Yarmouth, Barrington and Clare – are part of the Southwest Nova Gift Cards. | SaltWire
Read more »
The Sheehan Show: ONE on Prime Video 2 RecapThe Sheehan Show: ONEonPrimeVideo2 recap via SeanSheehanBA | Producer: JohnBranniganUK
Read more »
Business openings drop by 50 per cent as possible recession loomsNew business openings in the second quarter of 2022 were down almost 50 per cent compared with a year ago as economic pressures rise, says credit reporting agency Equifax Inc.
Read more »
Barbara Nolan – language keeper, elder – shares her wisdomResidential school survivor, honoured elder, credits the love and support of her family and community for her well-being
Read more »
THINKING OUT LOUD WITH SHELDON MacLEOD: Lights, casting, action! | SaltWireErin Hennessey discusses the opportunities and challenges as they look to try and fill demand. She hopes everyone in the province gets involved in background performing at least once in their lives. | SaltWire
Read more »