Americans under 25 racked up more credit card debt than any other age group last year - and they're about to run into trouble as financial conditions tighten and inflation stays high
Defaults and delinquencies could spike among young adults who've racked up credit card debt, thanks to tighter financial conditions that are starting to impact how US consumer spend, Moody's Analytics said.
But higher rates potentially spell trouble for young adults, some of whom have already racked up credit card debt to offset the effects of inflation on their savings. That's largely because young adults haven't yet entered their prime earning years, though they haven't been spared the effects of inflation.
"However, increased indebtedness will lead to higher delinquency and default rates as the job market weakens and wage growth slows, a concerning development for lenders active in this space."
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