Kari Karanikos is 25 years old with six figures of debt. A social media director who lives in Pittsburgh, Karanikos is one of the many Gen Zers who love to travel, despite carrying hefty debt. A recent Bankrate survey on chasing credit card rewards while in debt found that nearly 1 in 4 (24%) Gen Zers and 1 in 3 (32%) millennials carry a credit card balance.
At the same time, nearly 3 in 5 Gen Zers (60%) and millennials (61%) plan to take a summer vacation this year. Experts — and young people like Karanikos — know how tricky it can be to balance debt payoff with your budget’s needs and wants. But it doesn’t have to be all or nothing.
Learn how Karanikos is juggling expenses and experiences, and discover ways you can do the same. If you end up on a flight, cruise or other mode of travel this year, look around — you might see more younger faces than older. That’s because roughly 3 in 5 Gen Zers (60%) and millennials (61%) plan to .
Only half of Gen X (50%) and fewer than half of boomers (44%) say they’ll do so. Younger generations are also more likely to be spending more on travel this year — and going into debt to pay for it. Gen Z (44%) and millennials (37%) are more likely to spend more on travel in 2024 compared to 2023 than Gen X (20%) and boomers (24%), according to .
In fact, travel was the most popular purchase for which young people are willing to take on debt, compared to live entertainment and dining out. Rita-Soledad Fernández Paulino, a money and.
