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In coronavirus economy here’s how to pay off credit card debt

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here . About a quarter of Americans with credit card debt have gone deeper into the red during the COVID-19 pandemic , according to a new CreditCards.com report. This represents about 28 million people. Millennials (24-39 year-olds) have been hit the hardest. Some 34 percent of millennials who owe money on their credit cards have taken on more credit card debt over the past two months. That’s significantly more than Gen Xers (23 percent) and Baby Boomers (15 percent). CORONAVIRUS PUSHES US BORROWING TO RECORD $2.99T Millennials are also much more stressed about this credit card debt than older adults (58 percent, compared with 49 percent of Gen Xers and 34 percent of Boomers). Millennials have been squeezed by college, housing and childcare costs that have greatly exceeded wage gains. In fact, adjusted for inflation, Americans’ average hourly wages have barely budged in the past 40 years, according to the Pew Research Center. Many millennials were already living close to the financial edge before the coronavirus pandemic, and now that more than 30 million Americans have filed initial unemployment claims over the past […]

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