Understanding Gen Z and Credit Cards

What is the general perception of Gen Z's attitude towards credit cards?

• They prefer using cash over credit cards.

• They have the highest average credit card balance.

• They are debt-averse and cautious.

• They are eager to use credit cards.

According to the 2021 State of Credit Report, how has Gen Z's credit card ownership changed?

• It has only increased among college students.

• It has decreased significantly.

• It has remained the same.

• It has increased over the past few years.

What does the CARD Act of 2009 prohibit credit card companies from doing?

• Charging any interest on credit card balances.

• Providing freebies for completed credit card applications.

• Offering credit cards to anyone under 25.

• Issuing credit cards without a credit check.

Why do experts believe Gen Z is accumulating more credit card debt?

• Due to increased marketing by credit card companies.

• Because of inflation and rising costs of living.

• Because they are not aware of credit card terms.

• Due to a lack of financial education in schools.

What is one piece of advice given to young people about managing credit?

• Ignore credit card bills to save money.

• Avoid talking to family about financial decisions.

• Ensure maturity before handling a credit card.

• Get as many credit cards as possible.