How To Dig Out of Holiday Debt

The pandemic has been a harsh reminder of how fleeting financial security can be, especially for younger generations.

 In this post, we’ll look at how the pandemic has shaken things up for both Millennials and Gen Z.

The Pandemic Drives Credit Card Debt

A nationwide survey of 1,000 Americans conducted by and FAU BEPI shows that 55% of Americans under the age of 39 years old charged up large credit bills as a result of income loss.

Millennials reported that 64.5% of their household lost all or some income, whereas Gen Z reported that 81% had lost income.

This will definitely have a lasting impact on the lives of younger Americans, especially Gen Z. If people are temporarily stopping their credit card payments, they are definitely not saving for emergencies.

The Pandemics Lasting Impact

So, they will more than likely have to also delay retirement as a result of the lasting effects of the pandemic.

Need Help Digging Out

The debt snowball method is a strategy where you pay off debt in order of smallest to largest, gaining momentum as you pay off each remaining balance.

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