Over a quarter of Gen Z and younger Millennials have over $1K in credit card debt. According to a recent GOBankingRates survey, of the Americans under 24-years-old with credit card debt, “16% have debt between $1,001-$2,500, 10% have debt between $2,5001-$7,500 and 2% have debt of over $10,000.” Young consumers, specifically those new to building credit, are particularly vulnerable to credit debt as social shopping becomes more accessible to them. YPulse has also been exploring the threat Buy Now, Pay Later services are posing to Gen Z and Millennials’ wallets. Our Personal Finances and Services report data shows that young consumers have more credit card debt than student loans / tuition debt, or any other kinds of debt for that matter. (Yahoo News)
