Generation Z is racking up credit card debt faster than previous generations, while Generation X holds the highest average of credit card debt, according to recent data.
2:11Generation Z is racking up more credit card debt than previous generations, while Generation X holds the highest average of credit card debt, according to recent data from Credit Karma.
While credit card debt increased the most among Gen Z in the second quarter of the year, Gen Z holds the least amount of debt, while Gen X, individuals born between 1965 and 1980, hold the most, according to Credit Karma data.Gen X had an average credit card balance of $9,589 between April and June, a 1.89% increase from the previous quarter, according to Credit Karma.
"Older households benefited from the cost-of-living adjustment, social security increase and typically have significantly more wealth, while younger generations are more exposed to higher housing costs and the pending end of the student loan repayment moratorium," Bank of America said in aOlder generations are splurging on cruises and restaurants and dining out more than younger consumers, who are spending more on housing and basics, according to Gill.
"Younger generations are moving quickly," Gill told ABC News. "Meaning they are willing to relocate for jobs, so the desire to purchase a home will go down."
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