Gen Z Is DROWNING In Credit Card Debt

"Young Americans are starting out with more credit-card debt than generations before them. That financial burden can have long-lasting effects.

The rising debt load largely reflects a surge in prices for food and shelter at the start of their careers, coupled with a larger percentage of Gen Z who graduated with student loans. The average credit-card balance for 22- to 24-year-olds was $2,834 in the last quarter of 2023, compared with an average inflation-adjusted balance of $2,248 in the same period in 2013, according to new data from credit-reporting agency TransUnion TRU -0.14%decrease; red down pointing triangle."

***

The largest online progressive news show in the world. Hosted by Cenk Uygur and Ana Kasparian. LIVE weekdays 6-8 pm ET.

If you want to watch more videos from TYT, consider subscribing to other channels in our network:

#TYT #TheYoungTurks #BreakingNews

240513__TA03GenZDebt

[CarlosGustavo]

*Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47, 000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12, 000 and got my payout of m $270, 500 every months, God bless Christy Fiore🇺🇸🇺🇸🇺🇸..

[shellylofgren]

America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..

[markremy]

I'm a Boomer.I seen all the greed, selfishness and irresponsibility my generation was involved in.The worst.The young don't have a chance.The USA is ruined.

[Shannon-Smith]

They simply were never taught NOT to use credit - ever.

[coryluke]

The vast majority of people from all generations will never retire.

[powerbottomboi]

I am Gen z (19 years old). I just opened my fourth credit card with a credit limit of $7, 500. I have never paid a cent in interest, and never carried a balance.

[Ianmundo]

if you can’t pay off the whole balance each month, you can’t afford it

[NapingGnus]

If you can't pay off your balance every month don't get a credit card! 🤦🏽‍♂️

[hoderharris]

My daughter, who just graduated with 40000 in college loans, was just issued a credit card from USAA with a 10000 limit! My daughter lives at home and makes 40000 in her first job. USAA should not have given her that much credit…The banks know exactly what they are doing and have in their vested interest to make credit card indentured servants out of us all….

[christophersiber]

We are all drowning not just Gen Z for fuck sakes, this isn't a generational issue this a National issue.

[NapingGnus]

We need mandatory financial literacy classes in all public schools.

[ashleyerin]

So glad my parents told me to never get a credit card and never go to college..I'm happily debt free😊

[thunderwolf]

I am a millennial and I have NEVER had a credit card and I refuse to ever get one. There is nothing good that comes from them. There are many other great ways to get a decent credit score. My advice to everyone is decrease your debt, decrease your social media time and find worth in things that don’t require money. Stop worrying about flashy things and impressing everyone around you because I assure you, at the end of the day no one cares. Make sure you place importance on your future because when you get older, you will thank yourself for not buying this or that. Priorities change and so should you.

[gkjkwru]

Social media has a role....inflated expectations of lifestyle you are entitled to by having a degree...racking up student loans

[patrickmoney]

The “median” wage is misleading. Most of us work multiple jobs & still don’t make $60k per year! We’re all struggling & yet all our tax dollars goes right to the rich who don’t need help!

[matthewsaunders]

Inflation has something to do with it, but shouldnt that would effect everyone.
Captialism, consumerism, lack of public investments, and a lack of regulation on corporations have more affect on consumer debt.

[Wowsers]

Keep hiding the truth and blaming everything but the truth

[lukethibodaux]

Yes as it turns out a complete lack of financial education has lead to an entire generation with no clue how to live without massive debt. I had to learn the hard way myself 12 years ago. Today I own my car and my house outright, I had to put in a lot of overtime to do so but it feels good to be able to keep my whole paycheck every month.

[oma_gooner]

millennials are also suffering due to inflation & greedflation!

[TheRumblewagon]

This is not just a danger for Gen Z, but for everyone. Because when they all default on this debt, it's going to hit the entire economy.