NORTHAMPTON, Mass. (WWLP) - Researchers at Ohio State University say those born between 1980 and 1984 have credit card debt up to $5,000 higher than those in the previous two generations.
They said that if the trend continues, the debt will follow younger generations well into their 70's and they may even die in debt. The study was conducted in two phases, with survey data ranging from 1996 until now.
One young credit card holder says it may be because credit is readily available and hard to resist, "I don't know why I think it's the economy, rushing constantly college. We need this, we need a snack ok I'm just going to wipe up the credit card I don't have cash on me. It's easy," Adella Detka of Westfield told 22News.
Researchers say younger people don't pay their debt as quick as they should; with the majority of credit card holders only making minimum payments.