Managing Growing Debt in the Economy
A recent report reveals that an increasing number of Americans are relying on credit as a means of survival.
Zest AI, a lending technology company, conducted a survey of 1000 American consumers, with 53% stating that they depend on credit for essential expenses such as food and medicine.
- 53% of surveyed consumers rely on credit for necessities.
- Dependency is higher among Gen Z and millennials, at 75%.
RJ Martin, financial advisor and founder of Romer Wealth Management, joins the newscast to discuss this issue.
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Author's summary: Americans increasingly rely on credit for necessities.