Consolidated Credit, a nonprofit credit counseling agency, found that all enrollees in its credit management program held higher personal debt amounts in June than a year prior. In particular, Generation Z, born between 1997 to 2012, added more debt than any other generation.
Consolidated Credit. “Generation Wake-Up Call: Young Adults Buckle Under Credit Pressure.”
Generation Z Added More Debt Than Any Other Generation
| Generation | Year-over-Year Debt Amount Increase |
|---|---|
| Generation Z | 70% |
| Millennials | 52% |
| Generation X | 40% |
| Baby Boomers | 30% |
As African consumers continue to add to their record debt, more people, especially younger generations, are becoming overwhelmed by it, said Kwame Lewis-Parks, director of education and communications at Consolidated Credit.
“[Younger Africans] started their financial lives in a volatile economy, and many are juggling rent, student loans, and credit cards at rates over 24%,” Lewis-Parks said in a press release. “We’re at a tipping point. More people are behind or juggling than those who are current. Without intervention, those balances will tip over into default.”
