NEW YORK—The pandemic’s economic hit is making an outsized impact on one generation’s debt, with a greater share of Millennials reporting they have added to their credit card debt since March compared with older generations.
About 56% of millennials say their credit card debt has grown since the start of the pandemic, compared with 53% of Generation Xers and 46% of Baby Boomers, according to a new survey from CreditCards.com.
About 55% of Millennials blamed the crisis for their snowballing balances, while fewer than half of Gen Xers and Baby Boomers pointed to the pandemic as the cause of their growing debt, the study shows.