Tadeo Ruiz Sandoval

speaker

291 appearances 3 recordings 1 series first heard Aug 2024 last heard Aug 2024

Tadeo Ruiz Sandoval’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Gen Z & the Debt Trap, Part 2: Hemorrhaging Money · 21 Aug 2024 podcast

And then, at the beginning of this year, she made a big decision.

She booked a flight to Thailand.

While in Thailand, she spent just over $2,300 on a travel credit card.

With that amount, when she returned, her accumulated debt rose to over $80,000.

She's currently earning $28 an hour as an office manager at a chiropractor's practice.

She's considered the options to help repay her debt, but she says it just seems too big of a number for her to grasp.

Her situation is exactly why I talked to Wall Street Journal personal finance reporter Oyenade Doyen about Gen Z's relationship with credit.

She said a lot of people saved money during the pandemic lockdown, and with extra cash from stimulus check payments, they were able to pay down debt.

But that had an unintended consequence.

In a study, TransUnion, a credit reporting agency, said that Gen Z is using more credit cards now than millennials did 10 years ago when they were the same age.

Online banking and tools like Tap2Pay have also changed the way we interact with our money, which experts say can help lead to overspending.

Here's WSJ personal finance reporter, Imani Moise.

According to the New York Federal Reserve, Gen Zers currently max out their credit card spending more than other generations, although this is partly due to lower credit limits.

However, the New York Fed says that using credit cards to the point of maxing out leads to a higher risk of being delinquent on payments.

And if delinquency arises by Gen Z, researchers say their debt could affect every other generation as well.

And in some ways, it already has.

Here's Credit Karma's consumer financial advocate, Courtney Alev.

Michelle Ranieri, the vice president of research and consulting at TransUnion, said future generations could also be at risk.

If Gen Zers default, she worries banks could make it harder for the next wave of adults to access credit.

Those future adults?

Showing 141–160 of 291 · page 8 of 15