Internal data shows member credit card balances are up more than 50% for Gen Z and millennial members since March 2022, when the Fed started raising interest rates.

Summary

Gen Z is increasingly relying on “buy now, pay later” (BNPL) services for holiday shopping, with spending projected to rise 11.4% this year, totaling $18.5 billion.

These services appeal to younger consumers with limited credit histories but can lead to overextension, as they lack centralized reporting and encourage overspending.

Experts warn of accumulating fees, particularly when BNPL plans are tied to credit cards.

With inflation and rising credit card debt already burdening Gen Z, consumer advocates caution that these services may worsen financial instability despite their convenience.

    • seaQueue@lemmy.world
      0·
      28 days ago

      I mean, you get out what you put in. Is it a surprise that a generation that’s growing up in a predatory world without empathy lacks empathy?

      • ᕙ(⇀‸↼‶)ᕗ@lemm.ee
        0·
        27 days ago

        you think previous times were LESS predatory? like when? back then rape was legal, war was just over, alcoholism …dude, how is it worse?

        no. it is always the people themselves. maybe plastic retarded them? i mean swifties dont even allow a discussion on taylors remarks with kanye west. an entire fan generation ignores that she is the culprit.