Although new research shows that credit card debt did not hit the record highs experts in the U.S. originally predicted, this still didn’t stop most consumers from turning to credit cards.
A nationwide survey of 1,000 Americans conducted by Debt.com and Florida Atlantic University’s Business and Economics Polling Initiative (FAU BEPI) shows that 55% of Americans under the age of 39 years old charged up large credit bills as a result of income loss.
As if being hit by a pandemic during some of your most formative years wasn’t enough, 70% of Gen Z respondents said the pandemic was the reason they took on more credit card debt compared to 46% for Millennials.
Nearly one in three (30%) respondents said they were forced to temporarily stop making credit card payments during the pandemic. And younger adults experienced higher rates of income loss.
If you feel like your debt and interest rates have gotten out of hand, try calling your creditors to renegotiate your interest rates.