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Paying only the minimum on a credit card can keep an account current, but it usually stretches repayment and increases interest costs. If the minimum is out of reach, contact the issuer promptly rather than going silent. Credit-card debt is a financial problem to address, not a measure of character; the available official data do not show how many young adults feel ashamed or quantify a Gen Z-specific effect on lifetime wealth.
What the latest data say about young adults and credit cards
The Federal Reserve’s 2025 Survey of Household Economics and Decisionmaking (SHED), published in May 2026, found that 65% of adults ages 18–29 had a credit card. Among those cardholders, 46% had carried a balance at least once during the previous 12 months. The survey measures an age band, not Gen Z as a whole, and “at least once” does not mean a person carried debt continuously. Federal Reserve, 2025 SHED.
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The same survey found that 24% of adults ages 18–29 had not paid all bills in full in the prior month. For credit cards, the report defines not paying in full as paying less than the minimum due—not as paying exactly the minimum and leaving a balance. By comparison, 82% of all adults had a credit card, and 45% of adult cardholders had carried a balance at least once in the year.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Linked credit records in the report show that average card balances rose by $2,530, or 37%, from 2023 to 2025 among respondents who said they were finding it difficult to get by. Across respondents with cards, the average increase was $748, or 11%. Those are averages for the linked sample, not figures specific to young adults; balance growth by itself does not establish why balances changed. Federal Reserve, 2025 SHED.
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What happens if I only make the minimum payment on my credit card?
The minimum is the lowest amount the issuer requires for a billing cycle. Its calculation depends on the account’s terms. Paying it on time can keep the account current, but it generally leaves some balance unpaid, so interest may continue to accrue and repayment can take longer.
For most covered credit-card periodic statements, federal rules require a bold minimum-payment warning and repayment estimates. The warning says that paying only the minimum each period means more interest and a longer payoff. The estimate uses stated assumptions, including the current balance; the minimum-payment estimate assumes you make only minimum payments and add no new charges. It is an estimate, not a promise of your personal payoff date. Special disclosures and exemptions apply to certain cases and account types. CFPB, Regulation Z, 12 CFR § 1026.7(b)(12).
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How payment size changes a CFPB illustration
The CFPB illustrates the effect with a $1,000 balance at 14% interest. The amounts below are approximate educational examples, not typical Gen Z balances or a forecast for a particular card. Actual results depend on the account’s APR, payment formula, fees, and any new charges. CFPB, “Credit Card Minimum Payment”.
| Approximate monthly payment | Estimated time to repay | Interest cost |
|---|---|---|
| $20 | 110 months | $700 |
| $50 | 23 months | $150 |
| $90 | 12 months | $80 |
Use the repayment estimate on your own statement as a starting point, then check what happens if you can sustainably pay more. When comparing amounts, consider the monthly payment you can afford after essentials, estimated payoff time and interest, fees, and whether you can avoid adding to the balance.
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- Plan Your Strategy with a Debt Snowball Planner - Prioritize debts, set goals, and create repayment strategies with this debt snowball planner for faster debt elimination.
- Track Bills with a Bill Tracker Notebook - Keep track of recurring bills, payment dates, and amounts with this bill tracker notebook, ensuring nothing is missed.
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How do I pay off credit card debt when I can only afford the minimum?
Start with a payment you can actually sustain. Do not assume that a sample calculator or another person’s payoff schedule matches your card. The interest rate, balance, issuer’s minimum-payment formula, fees, and new purchases all affect the result.
- Read your statement. Find the minimum-payment warning, the estimated payoff period, and the assumptions behind the estimate.
- Set a realistic amount. Account for essential expenses and other bills before deciding whether you can pay above the minimum. If you can safely add even a modest amount, use your statement’s estimate to see how the projected time and interest change.
- List the debts and goals. The CFPB’s free debt booklet includes tools to organize debts, review a credit report, prioritize payments, set goals, and plan to avoid additional debt. A paid planner or workbook is optional, not a requirement. CFPB debt booklet and education resources.
- Keep new charges in view. The statement estimate assumes no additional charges for its minimum-payment calculation. If new purchases keep going onto the card, the estimate may not reflect your actual path.
What should I do if I can’t pay my credit card bills?
If you cannot afford the minimum, contact the card issuer immediately. Explain why you are having difficulty, how much you can pay, and when you think normal payments may resume. Ask whether it can offer a payment option for your situation. CFPB guidance notes that many issuers may work with customers facing a financial emergency. CFPB, “What should I do if I can’t pay my credit card bills?”.
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If organizing debts or managing payments feels difficult, consider speaking with a credit counselor. Many counseling organizations are nonprofit, but ask what services are included and whether there is a charge before agreeing to anything. Be cautious of debt-relief companies that guarantee to erase debt, demand fees upfront, or tell you to stop communicating with your issuer. Compare any service by its fees, exact services, and whether it asks you to stop paying or contacting creditors.
Is it normal to feel ashamed about credit card debt?
There is no Gen Z-specific shame statistic in the official sources cited here, so it would be misleading to say that young adults as a group feel a particular way. Individuals may feel embarrassed, anxious, or isolated about debt, but those feelings do not make the balance a moral failing. Asking for help is a practical step, not a judgment on your character.
How can credit-card debt affect future wealth?
The direct tradeoff is that interest paid on a revolving balance is money unavailable for other uses, including saving or investing, while a minimum-only payment can keep the debt around longer. The cited sources do not quantify a Gen Z-specific causal effect on lifetime wealth, homeownership, retirement, or other milestones. Avoid treating a hypothetical investment return or payoff scenario as a measured loss.
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