00:00It's Benzinga, bringing Wall Street to Main Street.
00:02A social media trend called money maxing is encouraging consumers to improve their finances
00:08by cutting recurring expenses, redeeming rewards points, and putting extra cash into high-yield
00:14savings accounts, according to CNBC. The trend comes as credit card balances rose 4.4% year
00:21over year to $1.14 trillion, according to TransUnion. The average balance per consumer
00:27climbed 2.1% year over year to 6,610. More than half of millennials and 72% of Gen
00:35Zers
00:36still rely on their parents for financial support, according to Northwestern Mutual.
00:40Financial experts said money maxing could have staying power because it focuses on everyday
00:47habits. Those include tracking cash flow, setting financial priorities, automating savings,
00:53and using technology to identify spending patterns and savings opportunities.
00:56For all things money, visit Benzinga.com.
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