GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
In fact, Gen Z adults have the lowestfinancial literacyscores across generations,according to a TIAA Institute study.
But the problem can also be behavioral.
All of these lead to racked-up debt payments, she said.
And as problems like these mount, it can create despair that worsens the situation.
However, there are ways to turn credit card debt around.
Refinancing through her local credit union helped lower her interest rate so she could pay the card off faster.
She also suggested looking into options like balance transfers.
Also, carefully tracking your spending can help you avoid falling back into credit card debt.
Here too, its important to be aware of marketing messages that might be encouragingoverspending.
To overcome this, its important to think about why youre making a purchase you cant pay for upfront.
Then brainstorm some ways that you might deal with the root of the emotion, she said.
Student Loans
Lastly, Gen Z is also racking up student loan debt.
Regardless, its important to be mindful of how student loan debt can affect your finances.
That can then lead to racking up credit card debt, for instance.
In that case, its important to make a plan to pull yourself out.
Also, being open about your debt can make it easier to manage.
Talk to your friends about money, Esber said.
More From GOBankingRates
Share This Article:
