Mainstream Shows Gen Z Are Struggling More Financially in 2024. Will A Balance Transfer Help?

June 24, 2024 By: Stephanie H. - CreditMonarch Online Writer0 comments

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities

This year, there could be an increase in the number of Americans struggling to make ends meet. In 2024, inflation has been rising. The majority of Americans are claiming they live paycheck to paycheck. The pressure on many households comes from higher prices and higher interest rates, and prices are still rising, but at a slower pace than they had been previously.

When you live paycheck to paycheck, it’s difficult or impossible to save and invest. In the event of an emergency or loss of income, this can make you more vulnerable. Young individuals have had to put their financial well-being at risk to cope with rising rents, escalating student loan balances, and more expensive auto loan payments. The primary cause of living paycheck to paycheck is high monthly expenses, including rent or mortgage, insurance, utilities, credit card interest rates, and more.

It’s not hard to accumulate credit card debt, but it can be a challenge to get rid of it. Financial stress and worry can feel overwhelming, but there are methods to improve your financial situation and make progress on debt repayment. Create an arrangement to pay more than the monthly payment that is required by your credit card. You won’t be able to use another credit card to do this unless you do a balance transfer.

If you have a large balance, make it a priority to pay it off immediately. Paying off a balance will cost you more money if you spend more time on it. At CreditMonarch, we think that these balance transfer credit cards are the most effective way to pay off your credit card debt.

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