Soaring Credit Card Debt, Falling Scores Alarm Millennials and Gen Z

Average credit card debt for millennials has risen 62% since March 2022, from $2,000 to $3,300. For Gen Z, it has risen 50% from $4,500 to $6,700.

Credit scores for millennials and Gen Z have dropped significantly, with over 1 in 3 now having subprime scores below 600.

36% of millennials and 30% of Gen Z use a credit card daily, more than any other age group. 34% of millennials reported missing a payment in the past year.

There are worries high interest rates will persist, causing further growth in young peoples' credit card debt and drops in their credit scores.

Seeking financial counseling can help young people get their finances on track, though the first step is understanding their full financial situation.