Although many young people blame socializing as a barrier to saving money, most of them arent knocking back $20 drinks in trendy lounges. Theyre struggling with much more daily financial demands.
To a disturbingly large extent, the young and the broke are relying on credit cards to make it until their next payday. This obviously isnt sustainable in the long run. and its going to put a huge drag on their spending power even after they reach their peak earning years, because theyll still be paying interest on that bottle of orange juice or box of spaghetti they bought a decade earlier.
A new study out of Ohio State University found that young adults are accumulating credit card debt at a more rapid rate than other age groups, and that theyre slower at paying it off. If what we found continues to hold true, we may have more elderly people with substantial financial problems in the future, warns Lucia Dunn, professor of economics at Ohio State. If our findings persist, we may be faced with a financial crisis among elderly people who cant pay off their credit cards.
Dunn says a lot of these young people are never going to get out from under their credit card debt. Many people are borrowing on credit cards so heavily that payoff rates at these levels are not sufficient to recover their credit card debt by the end of their life, which could have loss implications for the credit card issuing banks.
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