WASHINGTON (TND) — The high cost of living is hitting Americans hard, especially Gen Z.

A Wall Street Journal analysis found Gen Z has more credit card debt in their early 20s than any other generation did at that age. The average credit card balance for a 22-24 year old is $2,845 according to TransUnion data, that’s 25% more debt than millennials had in their early 20s ten years ago.

"A lot of this, I think, is reflective of the general economic climate now, mainly inflation, and that has really pushed the cost of living higher for everyone. More people are relying on credit cards to get by," said Ted Rossman a senior industry analyst at Bankrate.

This comes as rent prices continue to skyrocket. It now costs 30% more to rent than it did pre-pandemic.

The Consumer Price Index shows everyday items cost on average 19% more today than they did when Biden took office.

As inflation remains positioned to hurt Biden politically this election, the president is attempting to rewrite history. He told CNN earlier this week that inflation was already at 9% when he took over. It was actually at 1.4% and didn't hit 9% until June of 2022.

Biden still champions the strong economy also telling CNN the sticker shock hitting American wallets is actually caused by corporate greed.

"People have the money to spend. It angers them and angers me that they have to spend more," Biden said. "It’s like 20% less for the same price. That’s corporate greed. It’s corporate greed and we’ve got to deal with it."

Meanwhile experts like Susan Collins, the president and CEO of the Boston Federal Reserve, say the economy will likely have to slow before inflation falls to targeted 2% levels.

"Progress on inflation will very likely require lower growth in demand, particular to slowing in the core non-services piece," Collins said at MIT this week.

April’s inflation numbers will be released Wednesday and they’re predicted to remain elevated, likely leading the Fed to continue holding off on lowering interest rates.

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