Generation z and credit debt

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(FOX NEWS) – Members of the so-called Generation “Z” are taking on debt at a faster pace than previous generations.

People who belong to the “Z” demographic are anywhere from four to 24 years old.

A new survey by the credit reporting agency Transunion says the number of credit-eligible generation z’ers carrying a credit card balance has jumped 41 percent over the past year.

By way of comparison, the number of millennials and generation xers who carry a credit card balance increased by just five percent over the same period.

Transunion says the spike in the “z” generation’s credit usage can be traced to increasing numbers of the group becoming old enough to take on mortgages, auto loan, personal loans and credit card debt for the first time.

The agency also says the z’ers’ credit card delinquencies are roughly the same as millennials and generation x’ers.

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