| January 27, 2011

Generation Y members overwhelmed by credit cards, finances

Many Generation Y members report being overwhelmed by their finances, according to a recent American Express study. Seventy-nine percent of this demographic say they have uncertainties regarding their financial stability and student loan debt.

However, major credit card companies are taking note and are now offering more products geared toward helping young adults navigate the complexities of their finances.

Chase recently released the Slate credit card aimed at this demographic, along with its Blueprint online program, which allows users to analyze multiple ways to pay off their credit card debt. American Express is also offering its ZYNC credit card to young cardholders. This card requires users to pay off balances monthly, eliminating interest and other accumulated debt.

“When they come to this economy dealing with a challenging job market, it wasn’t what they were promised,” Gen Y life coach Christine Hassler told the source. “So they’re not only having to adjust their finances and spending behavior, but also their expectations.”

Despite these programs, young adults are still at risk for credit card debt if they do not handle their finances properly. Interest rates on the Chase’s Slate credit card can run as high as 22.24 percent, and as a result, young Americans should still exercise caution when using their credit cards.

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