Gen Z & the Debt Trap, Part 3: Stop the Bleeding

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 25 August 2024

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how Gen Z is tackling their debt in the final episode of our three-part series "Gen Z & the Debt Trap." We’ll talk with 20-year old Michenzie Sommerville, who shares how after struggling to keep up with her auto loan, her car was repossessed. We’ll hear from Corebridge Financial on how Gen Zers are using social-media apps like TikTok to learn about financial literacy at a younger age than other generations. Also, financial experts from organizations like the National Foundation for Credit Counseling and the Financial Therapy Association explain how to manage personal debt and prevent collecting more. Tadeo Ruiz Sandoval hosts. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	O. C.I. is the single platform for your infrastructure, database, application development, and AI needs.
0:06.0	Do more and spend less like Uber 8 by 8 and Databrics Mosaic.
0:11.0	Take a free test drive of OCI at oracle.com
0:14.4	slash Wall Street.
0:18.6	Hello, I'm to their recentValle for the Wall Street Journal.
0:23.7	This is a special edition of Your Money Briefing on Gen Z's Growing Debt for Sunday, August 25th.
0:31.2	Each time I look at the $30,000 I owe
0:33.0	I owe mostly in student loans, I feel sick.
0:37.0	It feels like it's too much to pay off.
0:40.0	And I felt the same way every time I saw how fast my generation was wracking up debt.
0:47.0	I questioned whether there was a way to get out of this debt hole.
0:51.0	But when I talked with W.S.J. personal finance reporter, Oiena
0:57.0	Deoian, everything changed. Not all Genzi are cash-strapped and spending like there's no tomorrow.
1:05.0	A lot of Gen-Z are pretty tech-savvy and they're more involved in their finances
1:10.0	than ever before.
1:11.0	Scrolling through Tik-Tock, Instagram, and other social media,
1:15.4	Gen Zers were sharing their debt stories with each other and giving tips on
1:20.2	how to budget and invest money. I thought maybe Gen Z has found a way to regain
1:26.9	control of their finances. This is Gen Z and the Dead Trap.
1:34.0	A three-part series that looks at why this generation is accumulating death so fast.
1:39.0	What can be done to slow the growth and how our debt could affect everyone else. In part two we learned
1:46.6	about the harmful habits deepening Gen Z's debt and the consequences other generations
	...

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