INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Joya Dass.

Gen Z facing rising credit card debt

Gen Z’s credit card balances are surging. Last year, young adults aged 22 to 24 had roughly $600 more on their credit cards than the same age group did in 2013, according to TransUnion.

Rising food and housing costs as well as student loans have all contributed to their debt loads.

Mortgage rates drop for first time since march

Mortgage rates rate dropped to 7.18% last week after four straight gains.

Applications rose for home purchases and refinancing.

Still, rates are more than double what they were at the end of 2021.

Food costs hurting younger Americans’ finances

Younger Americans are feeling the pinch from inflation, with 54% saying that rising food costs have hit them the hardest.

The findings are part of a recent CNBC/Generation Lab survey.

When asked where in their budget inflation affected them the most, respondents choose food by a significant margin with rent being the second.

30% of the world’s electricity produced by renewables

The world just passed a major clean energy milestone.

The global electricity review published by the climate think tank Ember says 30% of the world’s electricity was produced by renewables in 2023 — the most ever.

In 2000, renewables made up less than 19% of the global energy mix.

Applebee’s and IHOP looking to compete with fast food chains

Applebee’s and IHOP have been losing low-income customers, but parent company dine brands is hoping its deals can help the chains compete with fast food.

Applebee’s has been leaning into value with a slate of promotions that includes the return of dollaritas.

They are also offering cheap burgers.