(KERO) — Many Americans face struggles to keep up with credit card debt, but a new study found younger Americans are struggling the most.
A study by Urban Institute found one in five adults between 18 and 24 currently have debt in collections. The report cited lower income and brief credit histories as the main reasons that the age group has trouble managing high-interest debt.
Overall, average credit card balances are up 15 percent year over year. The report also showed average credit card interest rates are more than 19 percent, which is an all-time high.
