Gen Z is on track to become the richest generation, but risks getting caught in a ‘cycle that is easy to fall into and hard to break alone’

Young Asian woman holding credit card and various expense receipts, handing personal banking and finance with laptop at home. (Credit: Stock photo by Getty Images)

Gen Z could be on track to become the richest generation in history. But for now, they are struggling to pay off their credit card bills.

According to a September study examining the revolving cycle of debt from credit cards by Freedom Debt Relief, a debt settlement company, Gen Z leaned hardest on minimum-only payments (59%) and boomers the least (28%), against 50% of cardholders overall.