Internal data shows member credit card balances are up more than 50% for Gen Z and millennial members since March 2022, when the Fed started raising interest rates.

Summary

Gen Z is increasingly relying on “buy now, pay later” (BNPL) services for holiday shopping, with spending projected to rise 11.4% this year, totaling $18.5 billion.

These services appeal to younger consumers with limited credit histories but can lead to overextension, as they lack centralized reporting and encourage overspending.

Experts warn of accumulating fees, particularly when BNPL plans are tied to credit cards.

With inflation and rising credit card debt already burdening Gen Z, consumer advocates caution that these services may worsen financial instability despite their convenience.

  • Demdaru@lemmy.world
    241·
    18 hours ago

    I’m going to be brutally honest.

    1. Corporations are shitstains and prey upon people’s minds and wants.
    2. People today are too entitled / greedy.

    No. You don’t need that phone to survive, solid but low end one will easily carry you next 3-5 years. No, you do not need to go for McD for breakfast - eat a homemade sandwhich. Takes the same amount of time it’d take to get McD served to you.

    But today a lot of folk take a lot of shit for granted or worse, needed, and it’s pitiful.

    Fuck, that also is due to corporate ads and framing. But people need to wake up and stop fueling this shit on their own. And stop blaming schools - this shit is for parents to teach ffs, like the rest of actual household chores.

    Also I am not arguing for everyone to live frugally but instead to learn a mindful way of spending. If you actually have free money, money you own and not a credit, then sure, treat yourself.