It looks like Gen Z has the most credit card debt compared to other gens right now—and inflation isn’t helping. YPulse research shows that being debt free is one of Gen Z and Millennials’ top five financial goals right now, but they’re far from it. VantageScore data shows credit card balances increased 30% compared to last year and that Gen Z is having a harder time paying their cards off as inflation rises. For people over 25-years-old, their scores only increased by 11% since last year. Young consumer income is not increasing at the same rate as inflation, yet, “consumer spending data reflects that, despite high inflation, people are still spending more on travel and transportation compared to other goods and services.” If the pause on student loan payments continues, Gen Z and Millennials would be able to save more money and pay off their credit debts. (Business Insider)
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