Contact Us
Make My Homepage

Young Adults Struggle With Credit Card Debt [AUDIO]

A new study shows those in their 20’s and 30’s are racking up credit card debt at a higher rate than older consumers.

credit cards
Jeff J. Mitchell, Getty Images

Researchers took a look at credit card debt of 20 and 30-somethings, using data from 1997 to 2009. They found that they had more debt than their parents and are repaying it more slowly.

Rider University Finance expert Maury Randall agrees it’s a problem. He says just look at the high number of younger adults still at home.

“Because of all of these financial problems relating to debt, it is taking a longer period of time for younger people to move out on their own and establish their own families.”

Randall says young adults in their 20’s and 30’s have been reducing their collective credit card debt since ’09, but student loan debt in their demographic continues to soar.

Those who did the research for the study also point out that credit has once again become more readily available. They also say there is somewhat less of a stigma attached to being weighed down in credit card debt these days.

The study suggests that unless there’s a drastic change in spending habits among younger consumers, some could wind up eventually dying while still owing.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.