Gen Z, Millennials using personal loans for everyday bills: Report
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Young borrowers, particularly from Gen Z, are increasingly using personal loans to cover everyday expenses, as reported by LendingTree. The study highlights that 10.5% of personal loan borrowers are Gen Z, with major spending periods like holidays exacerbating financial pressures. Louisiana has the highest rate of personal loan requests for daily bills at 10%, followed by New Hampshire, Pennsylvania, Arkansas, Indiana, and Kentucky. Additionally, the Labor Department reported a 3.8% rise in the consumer price index in April, indicating inflationary pressures, particularly in energy costs.
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