The Growing Dependence: Young Adults' Increasing Reliance on Credit Cards

A recent study by Quicken Inc. found that 53% of millennials and 41% of Gen Z respondents are more reliant on credit cards than ever before, with 38% using credit cards to make ends meet. Another study by the Federal Reserve Bank of New York revealed that outstanding credit card balances hit $1.03 trillion, the highest level recorded. Concerns arise as the end of the student loan payment pause in October may worsen the financial stability of younger adults, who already struggle with credit card debt and high interest rates.