Younger Americans face a financial crisis. Their growing debt burden has far outpaced that of older generations, and it’s only getting worse. Generation Z is being hit the hardest, thanks to lower income and the rising cost of everything from food to housing. Bloomberg takes a look at the roots of this problem, and whether anything can be done.

00:00 – 00:54 Introduction to a growing debt problem
00:55 – 03:44 Income and inflation
03:45 – 05:42 Housing costs
05:43 – 07:48 Education and tuition costs
07:49 – 10:37 Doom spending
10:38 – 11:30 What does the future hold for young people?

Read more: How Gen Z Ended Up in So Much Debt ???? https://www.bloomberg.com/news/features/2024-10-31/why-gen-z-is-sinking-deeper-into-debt-explained

Young Americans today face a serious debt crisis. And it’s making the American Dream seem more like an illusion.

Both Gen Zers and younger millennials were hit by a nasty one-two punch — the Covid-19 pandemic and then the worst inflation in decades — at critical points in their financial journeys. Now, those aged 18 to 29 are carrying $1.12 trillion of debt, according to the Federal Reserve Bank of New York. While that only makes up 6.3% of the total $17.8 trillion in US consumer debt, it’s still a huge burden to carry at an early point in their financial development.

Such an enormous debt burden has contributed to financial pessimism among young adults that’s changing how they work and spend money, key shifts that may have implications for not just their future finances, but also the broader US economy.

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Credit card debt just hit another new all-time high here in United States and is showing no signs of slowing down and continues to go higher and higher. Americans were also surveyed on why they keep using their credit cards and balances keep going up and the number one sided reason is because they cannot afford the cost of living. How is this a sign of a strong economy?

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00:00 Savings Balances
00:57 Credit Card Debt
02:46 Delinquencies
05:06 Emergency Fund Stats
05:55 HYSA
08:35 Fixing Low Savings

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According to the Debt Index by DebtBusters, the number of people seeking help from debt counsellors grew 40% year-on-year in the first quarter. The data also showed that consumers spent close to two-thirds of their net income to pay off debt. Companies Reporter for Business Day, Nico Gous joins Business Day TV to unpack how high inflation and interest-rate hikes squeeze disposable income and hamper consumers’ ability to repay liabilities.

Student debt relief recipients are “hardworking, middle class, working class folks,” Sen. Elizabeth Warren says. In response to comments deriding President Biden’s student loan forgiveness plan made by some Republicans, Warren tells Joy Reid, “I’ve just had it with this idea that these are somehow the slackers in America.”
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DebtBusters urges consumers to budget wisely to accommodate inflation and rising interest rates.

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What’s the main reason people end up in debt counselling, and do they often get into financial difficulty?