According to a study by Ohio State University, young adults born between the years 1980 and 1984 have accumulated credit card debt $5,000 higher than the previous two generations. In addition, young adults don’t pay back their debt as quickly as older generations. These findings have serious societal implications, as young adults may carry this debt into their 70s.
This news report highlights the findings among young adults and credit card debt from Ohio State’s study. It also illustrates how credit cards being readily available can be difficult for young adults to resist. At the same time, young adults explain why they don’t pay off their debt quickly and only make the minimum payment.