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One of Gen Z and young Millennials’ biggest hurdles in obtaining a credit card is fear of acquiring more debt. 

Mar 24 2022

One of Gen Z and young Millennials’ biggest hurdles in obtaining a credit card is fear of acquiring more debt. As Gen Z and young Millennials age up in spending power, they’re also acquiring credit cards. But for those who haven’t reached this stage, a common worry is that having a credit card will make them rack up more debt on top of student loans. The CARD Act of 2009 has had lasting effects on a young person’s ability to obtain a credit card since there are more hoops to jump through now, like having a cosigner or proof of income. But Gen Z and young Millennials are also hesitant to sign on for them because “[they] view credit cards as debt instruments.” Having student loan debt is more common among today’s college students, and as one student puts it, “For a lot of us, I think student loan debt kind of informs the majority of our financial decision making.” Our finance / spending monitor research shows Gen Z’s top financial priority is saving for college, while our education research shows over one-fourth of college students today are paying for it through student loans. (Payments Dive)