Gen Z Credit Frenzy

Types of Credit

KAHOOT�VERSION

1. Experian’s 2021 State of Credit report shows that Gen Z consumers have about _________ of credit card debt.

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1. $250
2. $1,250
3. $2,300
4. $3,200

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

• Experian’s 2021 State of Credit report shows that Gen Z consumers have about _________ of credit card debt.

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• $250
• $1,250
• $2,300
• $3,200

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

2. The average American owed 11% more on credit cards in 2022 versus 2021, but for Gen Z the amount:

a) decreased 11%

b) remained the same

c) increased by 10%

d) increased by 30%

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

2. The average American owed 11% more on credit cards in 2022 versus 2021, but for Gen Z the amount:

a) decreased 11%

b) remained the same

c) increased by 10%

d) increased by 30%

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

3. It is now illegal to offer freebies like food or swag on college campuses in exchange for a completed credit card application due to:

1. The CARD Act of 2009
2. The CROWN Act of 2019
3. The American Rescue Plan Act of 2021
4. The Consolidated Appropriations Act of 2022

GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

3. It is now illegal to offer freebies like food or swag on college campuses in exchange for a completed credit card application due to:

• The CARD Act of 2009
• The CROWN Act of 2019
• The American Rescue Plan Act of 2021
• The Consolidated Appropriations Act of 2022

GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

4. According to a TransUnion study, ________ of Gen Z has a credit card.

1. 15%
2. 25%
3. 50%
4. 75%

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

4. According to a TransUnion study, ________ of Gen Z has a credit card.

• 15%
• 25%
• 50%
• 75%

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

5. What is the most valuable question to ask yourself before opening a credit card in your name?

1. Do I want a credit card?
2. Can I get a credit card from my favorite bank?
3. Do my friends have credit cards?
4. Will I be responsible with the bills & due dates?

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

5. What is the most valuable question to ask yourself before opening a credit card in your name?

• Do I want a credit card?
• Can I get a credit card from my favorite bank?
• Do my friends have credit cards?
• Will I be responsible with the bills & due dates?

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GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

You’ve completed the exercise, now it’s time to learn

more about the current event:

GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

Discussion Prompt:

Do you have or plan to have a credit card? Why or why not?

GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

Extend Your Learning

GEN Z CREDIT FRENZY | SEPTEMBER 16, 2022 EDITION | NEXT GEN PERSONAL FINANCE

Three Relevant Resources from NGPF:

• What is the average credit card debt held by Gen Z? (Question of the Day)
• PROJECT: Credit Protections - You Be the Teacher (Activity)
• Using Credit Cards Wisely (Lesson)

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References:

• Gen Z racking up credit card debt three times as fast as others (Business Insider)
• What is the CARD Act of 2009? (Forbes)
• Average American Credit Card Debt in 2022 (Motley Fool)
• 50% of Gen Z has a credit card and a prime credit score (CNBC)
• How Gen Z consumers are using their credit cards (Bankrate)

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