NEW YORK, NY (KMOX) - A new report shows one in four Americans with credit cards have had to say "charge it" during the coronavirus pandemic.
Millennials have been hit the hardest, adding the most credit card debt of any age group during the COVID-19 outbreak.
Ted Rossman, Industry Analyst at CreditCards.com tells KMOX it's not for frivilous purchases. "It's mostly essentials. I've seen data that shows that overall credit card spending is down by about 20 percent. Whereas stuff like groceries and other necessities are actually up by 20 percent."
Rossman says many people in their 20's and 30's didn't have much savings and were already close to the edge financially when the coronavirus hit. He says higher college, childcare, and housing costs have been borne more by millenials.
The survey estimates more than 1 in 3 Millennials are now further into debt due to the pandemic, compared to 23% of Gen Xers, and 15% of Baby Boomers.
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