The average credit card debt for 22- to 24-year-olds surged to $2,834 in late 2023, from $2,248 in 2013
Youngsters, particularly Gen Zers, are grappling with record-high credit card debt as they enter adulthood, largely due to escalating living costs and student loan burdens.
Recent data from TransUnion indicates that the average credit card balance for those between 22 and 24 years old surged to $2,834 in late 2023, up from $2,248 in 2013.
Consequently, several Gen Zs experience difficulties in meeting payment deadlines and are forced to delay life milestones such as homeownership and marriage.
While some manage their credit responsibly, others find themselves overwhelmed by financial pressures.