Gen Z is on track to become the richest generation, but risks getting caught in a ‘cycle that is easy to fall into and hard to break alone’
Source: Fortune ·
Gen Z isn’t just racking up credit card debt, they are also carrying shame.
From the source
Gen Z could be on track to become the richest generation in history. But for now, they are struggling to pay off their credit card bills. According to a September study examining the revolving cycle of debt from credit cards by Freedom Debt Relief, a debt settlement company, Gen Z leaned hardest on minimum-only payments (59%) and boomers the least (28%), against 50% of cardholders overall. And that has caused significant damage to their mental health, based on the report: 51% of Gen Z feel embarrassed or ashamed of how much credit card debt they carry. “The most common barrier was money, with 37% saying they didn’t earn enough to pay more than the minimum,” the study read. “But the reasons were more personal nearly as often: about 3 in 10 (30%) feel they should handle the debt on their own.” Of course, Gen Zers are still in the early stages of their careers and have yet to enter their prime earnings years. So they are more likely to have trouble managing their debt. Still, after…