Question of the Day: What percent of Gen Z consumers have added to their credit card debt since March of 2020?
Answer: 52%
Questions:
- Generally, why would people increase use of their credit cards during a pandemic?
- What difference do you see among the generations listed above when it comes to their credit card debt?
- What advice would you give if a friend asked what steps they could take to avoid taking on credit card debt?
Behind the numbers (Bankrate):
The pandemic caused many debt loads to grow. But why? Possible reasons include job loss, quitting a job or cutting back hours to manage kids’ virtual learning, having to pay for daycare or needing to buy equipment and technology for virtual school or work, says credit card expert John Ulzheimer. In fact, a previous Bankrate poll found that many parents reported virtual learning negatively affected finances in their family.
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NGPF's Types of Credit unit will teach students the ins and outs of various credit products.
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Wondering what it feels like to be overwhelmed by debt? Play NGPF Arcade Game Cat Insanity and find out.
About the Author
Tim Ranzetta
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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