15.3% of Gen Z credit card borrowers have maxed out their credit cards, with higher delinquency rates than Boomers and Gen X.

15.3% of Gen Z credit card borrowers have maxed out their credit cards, according to the Federal Reserve Bank of New York, more than twice the rate for Baby Boomers and Gen X. The trend is causing a rise in delinquency rates for all debt outside of student loans. Gen Z borrowers have lower credit limits and less time to build credit histories, making them more likely to struggle with debt repayment.

May 19, 2024
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