Business & Economy · 1 view
Gen Z is on track to become the richest generation, but risks getting caught in a ‘cycle that is easy to fall into and hard to break alone’
Gen Z could be on track to become the richest generation in history. But for now, they are struggling to pay off their credit card bills.
AI Summary
Gen Z may become the wealthiest generation, yet many are currently wrestling with credit‑card debt. A September study by debt‑settlement firm Freedom Debt Relief found that 59 % of Gen Z cardholders rely solely on minimum payments, compared with 28 % of boomers and 50 % of all cardholders overall. This higher reliance on minimum‑only payments suggests Gen Z is more entrenched in a revolving‑debt cycle.
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