“I never put rent on my credit card,” said 26-year-old Em from Boston. trying to pay off the credit card debt she had for about a year She asked not to identify by her full name. , if I get rent on my credit card, I’m afraid I’ll either forget to pay the card for a month or not be able to write down that portion of my salary. “It’s like a rabbit hole waiting for me to fall,” Em said.
“Credit card companies benefit people who don’t pay their bills on time,” says Lemarre. “People like me and my friends who are responsible with their credit cards can at least get rewarded for using their cards responsibly. We don’t take responsibility, but we’re trying to tell people how to work within the system and not fall victim to it.”
of average credit card balance According to Experian, Gen Z consumers spent $2,854 last year. LendingTree’s channel expects Generation Z consumers’ credit card usage to increase with age, as millennial consumers did. Many people are not yet fully financially independent.When student loan suspensions are lifted and more Generation Z adults graduate limit As it becomes more difficult for people under the age of 21 to obtain credit cards, their reliance on this form of debt may increase.
Channel took notice as credit card companies developed new incentives. “I definitely wouldn’t advise Gen Z or anyone else to say, ‘I’ve got to start paying for cars with my credit card now because I’m getting more points,'” the channel said. “Probably won’t work for most people.” ●
