Gen Z facing a debt challenge

Experts say people born between 1997 and 2012, also known as Gen Zers, face unique challenges in figuring out how to get debt under control.

Money Management International (MMI) is the expert in helping people get their debt under control, but the new numbers are alarming.

For new clients, they are seeing an average unsecured debt of about $40,000. Even more alarming, Gen Zers are already at around $20,000 in unsecured debt.

“Gen Zers are actually the fastest-growing cohort; they don’t have quite as much debt as millennials or Gen Xers, but Gen Zers are rising the fastest. Their debt loads are up 12% on average just in the past year,” said Ted Rossman with Money Management International.

MMI says it indicates financial troubles are arriving earlier in life.

When asked what contributes to that, Rossman said, “high cost of living, elevated interest rates, people’s paychecks a...