CNN —Ariel Barnes plunged into a credit card debt spiral in college, and a decade later she’s yet to escape.
Barnes, a manager of gift processing at Jackson State University, has maxed out seven credit cards and is struggling to make minimum payments on $30,000 of credit card debt.
Roughly one in seven (15.3%) Gen Z credit card borrowers have maxed out their credit cards, according to new research from the Federal Reserve Bank of New York.
For instance, the median Gen Z borrower’s credit limit is just $4,500, compared with $16,300 for Millennials and $21,800 for Gen X, the NY Fed said.
There’s never a good time to carry a credit card balance, but right now is arguably the worst time.
Persons:
CNN — Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, ”, “ I’ve, Zers, Ted Rossman, Gregory Daco, ” Daco, haven’t, X, it’s, There’s, That’s, Daco, CNN’s Alicia Wallace
Organizations:
CNN, Jackson State University, Federal Reserve Bank of New, Fed, NY Fed, Bankrate.com, Wall, NY, Federal
Locations:
Jackson , Mississippi, Federal Reserve Bank of New York