Notes

Gen Z Adults Are Paying Rent With Credit Cards
Both Confortini and Lamarre publish about personal finance topics on TikTok (surveys show that almost all Gen Z consumers flip to social media platforms like TikTok and Instagram for financial advice) and both have talked about paying rent on their credit card on the platform. Neither of them works with Bilt, although they can earn points for successful referrals. Confortini estimates she has made about 35 referrals during the last year.

ソフト闇金 高額 融資 , a 25-12 months-old software developer in Seattle, also fees his $1,seven-hundred month-to-month rent to his Bilt card and satisfied the minimal transaction requirement by shopping for a number of $1 Amazon present cards (those purchases started to get denied, so he now makes use of the card at restaurants and cafes). “I honestly, general, really feel like credit card rewards are just an enormous scam,” he mentioned. “We're all paying for it with credit card charges. But I'm going to make the most of getting as many as I can as long as that is the system that we reside in.” Heppner stated he has about 10 credit cards and pays them off in full. “I don’t even know how worth it it is to strive to maximise all of it. What are you getting, an additional $10, $20, $30 bucks a month?” The fact that rewards are funded partially by interest from people who cannot pay their bills is “really inequitable,” he said, however the way in which commerce works in the present day, credit cards are “not something that I can boycott.”

For shoppers who will not be making an attempt to earn rewards or can not pay their balances off in full, charging these expenses to a credit card can indicate a monetary shortfall, “and that’s certainly occurring with Gen Z as nicely,” mentioned Matt Schulz, chief credit analyst at LendingTree. “It’s a scary thing, particularly when you consider how quickly interest charges have risen over the past yr or so.” The average credit card interest price is now 23.55%, the highest since Schulz’s company began tracking month-to-month charges in 2019. In the first yr of the COVID-19 pandemic, there was a pointy enhance in renters who were charging rent to their credit cards as they awaited emergency relief funds, in response to the Federal Reserve Bank of Philadelphia. In a separate LendingTree survey, about forty five% of Gen Z adults reside paycheck to paycheck and sixty two% of people that didn't have money to pay their bills have used their credit playing cards to cover them.
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