Young adults are struggling to keep up their credit scores and paying an increasing amount of disposable income servicing their debts.
Jade Canney didnt expect to move back into her parents home after renting her own apartment for about a year, but the 22-year-old felt that she had no choice after drowning in debt that dragged down her credit score.
Ms. Canney, a sheet metal worker in Springfield, Mass., is paying down roughly $6,500 in outstanding credit card balances, along with several thousand dollars worth of medical bills, student loans and other debt, most of it accumulated when she was laid off and out of work for more than six months last year.
As a construction apprentice in a unionized trade, Ms. Canney said her income had been g…
Read the full article at: https://www.nytimes.com/2023/09/27/business/gen-z-credit-debt-retirement-finance.html