A new survey finds nearly half of Americans are deeper in credit card debt because of the coronavirus.
According to a new CreditCards.com report says about 120 million people who added to their credit card debt since the COVID-19 outbreak.
The survey breaks down like this; Millennials (ages 24 – 39) are hit the hardest with about 1 in 3 adding to the credit card debt because of the virus. 23% of Gen X (ages 40-55) and 15% of Baby Boomers are now deeper in credit card debt as a result of the pandemic.
“Between this and the Great Recession, it’s no wonder millennials have had a harder time accumulating assets than Gen Xers and Boomers,” said CreditCards.com analyst Ted Rossman. "Some older millennials also hit adulthood right around the dot-com bust and 9/11. Adjusted for inflation, average hourly wages have barely budged in 50 years, but some major expenses such as housing and college have grown exponentially.”
According to the survey, 45% of overall cardholders are stressed about how they will repay their mounting card debt. More than half (58%) of millennials tested say they are the most stressed about repaying their debt compared to 49% of gen X and 34% of baby boomers.
