Turn to 10 on Nostr: Gen-Z has more credit card debt than any other generation did at same age ========== ...
Gen-Z has more credit card debt than any other generation did at same age
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Gen-Z has more credit card debt in their early 20s than any other generation did at that age. The average credit card balance for a 22-24 year old is $2,845, which is 25% more debt than millennials had in their early 20s ten years ago. The high cost of living, inflation, and the need to rely on credit cards to get by are contributing factors. Rent costs have increased by 30% since the pandemic. The Consumer Price Index shows that everyday items cost on average 19% more today than when President Biden took office. Biden claims that inflation was already at 9% when he took over, but it was actually at 1.4% and didn't reach 9% until June 2022. Biden attributes the rising prices to corporate greed. Experts predict that the economy will need to slow down before inflation falls to targeted 2% levels. April's inflation numbers are expected to remain elevated, leading the Fed to continue holding off on lowering interest rates.
#CreditCardDebt #Generation #Genz #Millennials #Inflation #CostOfLiving #ConsumerPriceIndex #PresidentBiden #Economy #InterestRates
https://thenationaldesk.com/news/americas-news-now/gen-z-has-more-credit-card-debt-then-any-other-generation-did-at-same-age-average-credit-card-balance-economic-climate-inflation-consumer-price-index-president-biden-us-economy
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Gen-Z has more credit card debt in their early 20s than any other generation did at that age. The average credit card balance for a 22-24 year old is $2,845, which is 25% more debt than millennials had in their early 20s ten years ago. The high cost of living, inflation, and the need to rely on credit cards to get by are contributing factors. Rent costs have increased by 30% since the pandemic. The Consumer Price Index shows that everyday items cost on average 19% more today than when President Biden took office. Biden claims that inflation was already at 9% when he took over, but it was actually at 1.4% and didn't reach 9% until June 2022. Biden attributes the rising prices to corporate greed. Experts predict that the economy will need to slow down before inflation falls to targeted 2% levels. April's inflation numbers are expected to remain elevated, leading the Fed to continue holding off on lowering interest rates.
#CreditCardDebt #Generation #Genz #Millennials #Inflation #CostOfLiving #ConsumerPriceIndex #PresidentBiden #Economy #InterestRates
https://thenationaldesk.com/news/americas-news-now/gen-z-has-more-credit-card-debt-then-any-other-generation-did-at-same-age-average-credit-card-balance-economic-climate-inflation-consumer-price-index-president-biden-us-economy