Use the aggregate demand/aggregate supply model of the economy to predict what happens to GDP, price, and unemployment levels when households increase credit card debt or usage.

Not only are millennials not loyal to their credit card companies, but they haven't been known to be bullish on credit in general. In the first quarter of 2019, millennials carried less credit card debt than average, reporting $4,172 in outstanding credit card balances compared to the national average of $6,028.11

However, that appeared to be changing, as millennials - those between 23 and 38 in 2019 - saw their average credit card debt increase by 7% in 2019 from the year before. On top of that, millennials appear to rack up debt with age. In Q1 2019, 23-year-old millennials had on average $2,288 in credit card debt while 38-year old millennials had on average $6,675 in credit card debt.11

Generation Z - those between 18 and 22 in 2019 - also saw their average credit card debt increase by 11% between Q1 2018 and Q1 2019 from $1,851 to $2,057.¹¹