Now that the post-holiday bills have started creeping in, many people are quaking in their boots at the thought of hefty bills eating away at their bank account.
The pandemic has been a harsh reminder of how fleeting financial security can be, especially for younger generations. In this coming-of-age story, we’ll look at how the pandemic has shaken things up for both Millennials and Gen Z.
As if being hit by a pandemic during some of your most formative years wasn’t enough, 70% of Gen Z respondents said the pandemic was the reason they took on more credit card debt compared to 46% for Millennials.
Next, take the time to figure out how to use the avalanche method. This is when you pay off your highest interest card first. But be aware that if you’re on a tight budget this may not be the method for you.
When the smallest debt is paid in full, you roll the minimum payment you were making on that debt into the next-smallest debt payment. If you’re having trouble figuring out where to start, reach out Debt.com for help.