Americans rack up $19 billion in credit card debt in one month
Americans rack up $19 billion in credit card debt in one month
Wells Fargo reports a surge in U.S. consumer credit card debt, indicating potential financial stress among households.
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I'd really like to see this report broken down into spending by age groups.
Why?
Interestsd to see what age group is spending the most on credit.
My guess would be Gen X and older millennials. Old enough to have seen all the things their parents could afford so they want them for themselves. Seems like the younger crowd is less focused on gathering possessions. I base this on my observations as an older millennial, and have absolutely no scientific data to back it up.
Why are you presuming the credit debt is for superfluous purchases? Prices have shot up across the board, student loan payments resumed, bills and rent are always due, groceries need bought.
If they were using credit to buy meaningless stuff, why the spike now?
I bet it's being spent on groceries a lot more percentage wise than before. as a gen Z I don't place worth or care about fake social status from possessions but I still want stuff, problem being I can't afford it anyways
I own nothing and bad credit (medical). Best of both worlds!
Eta: And am older Gen x
I would tend to agree but before saying anything concrete I would like to see data otherwise Gen Z is gonna swarm and downvote like a pack of rabid animals.