Credit Card Balances For People Ages 25 & Younger Rose By 30%

One of the reasons why WDKX is doing the “Fill Your Fridge” Contest, is because young and low-income consumers are starting to feel financial pressure. Generation Z consumers and those with low credit scores are falling behind on credit card and auto loan bills and accumulating credit card debt at a pace not seen since before the pandemic.

The credit card balances for people ages 25 and younger rose by 30% in the second quarter from a year earlier, compared with an increase of just 11% among the broader population, according to a random sampling of 12.5 million U.S. credit files compiled by credit score company VantageScore. Balances for non-prime borrowers, or people with credit scores below 660, rose by nearly 25% over the same period. Click Here To Read More.

Source: Yahoo