Gen "Z" Taking On Debt Faster Than Any Previous Generation

Hope you know how to swim in debt Generation Z 😩

The number of Gen Zers that have an active credit card increased 41% year over year to 7.75 million in the second quarter. According to a new report from TransUnion a growing portion of Gen Z — defined as those born after 1995 — took on some kind of debt during the first half of 2019, according to the report which was released last week.

Further, those who are part of Generation Z (aged 16-20) already have an average debt of $4,343, according to a new survey by Charles Schwab of 2,000 young adults.

The generation's growth in credit usage is outpacing millennials largely because Gen Zers are now becoming old enough to take on mortgages, auto loan, personal loan and credit card debt for the first time.

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