Gen Z is starting out with more debt
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 9 May 2024
⏱️ 9 minutes
🧾️ Download transcript
Summary
A recent TransUnion report shows borrowers aged 22 to 24 are carrying an average of roughly $2,800 in credit card debt — adjusted for inflation, that’s more than millennials in the same age range a decade ago. Then, an ad for Apple’s latest iPad has gone viral … for the wrong reasons. And what might America’s next economy look like? We discuss what achieving an economic framework that works for everyone might entail.
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Transcript
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| 0:28.2 | Will a new iPad crush the human spirit or consolidate it? |
| 0:36.0 | I'm David Brancaccio. |
| 0:38.0 | First members of Gen Z are starting out their adult lives with more debt. |
| 0:42.0 | The Credit Bureau of Trans Union has new numbers |
| 0:44.6 | which show that borrowers age 22 to 24 are carrying an average of about $2,800 in credit card |
| 0:51.6 | debt adjusted for inflation that is about 25% higher than |
| 0:55.7 | millennials in the same range had a decade ago. |
| 0:58.5 | Marketplace's Savannah-M-R has more. |
| 1:01.1 | 20-somethings a decade ago were slow to start borrowing, says analyst Ted Rossman with |
| 1:06.3 | Bankrate. |
| 1:07.3 | millennials were really scarred by the Great Recession. |
| 1:10.1 | But it doesn't seem like Gen Zers have quite the same stigma surrounding debt. |
| 1:14.7 | The report finds they're about 20% more likely to have a credit card. |
| 1:18.8 | But they're not racking up debt on fun stuff, says Charlie Wise with Trans Union. |
| 1:24.0 | The Gen Z consumer today is facing significantly higher prices |
| 1:29.6 | and turning to debt into credit cards, really to kind of help them make ends meet. |
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