Young adults are increasingly digging a hole of credit card debt.
FILE - People shop at a retail shoe store in Manhattan on Jan. 5, 2024 in New York City. , one of the country's largest nonprofit credit counseling organizations, is seeing an increase in people 18-29 seeking its help.
MMI’s data aligns with other recent reports showing growing credit card usage, and trouble, for young people.than their Millennial counterparts did at similar stages of life.consumers have seen their finances significantly impacted by the pandemic and its aftermath, even more so than the challenges faced by Millennials as a result of the Global Financial Crisis,” Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, said in a news release.
The increase in unsecured debt among MMI’s young clients, up 84% from before the pandemic, has far outpaced overall inflation.Is Nitzsche worried about more young adults seeking credit counseling?The rising debt isn’t good, but he’s encouraged that young people are willing to get help.“The first step is just creating a budget,” he said. “Most of the clients we work with haven't done a formal budget and just really understood what's coming in, what's going out.
Credit Counseling Young Adults Unsecured Debt Debt Credit Card Nitzsche Inflation
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