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News Archives

Gen Z Accumulating Credit Card Debt Faster Than Any Other Generation

Thursday April 20th, 2023

By : Relevant Staff
Source : Relevant

It’s time for Gen Zers to check their spending habits. A new report found that this generation is accumulating credit card debt faster than any other generation.

Credit Karma analyzed data from 78.2 million users, spanning from the Silent Generation to Gen Z. On average, everyone’s credit card debt is expanding. The average credit card debt for millennials rose 29 percent from the previous year to $5,800. But Gen Z experienced a 40 percent increase from one year earlier, bringing their average credit card debt of $2,781.