Have you ever looked at your credit card debt and wondered if it’s much more or much less than the average person your age’s debt? Well, you don’t have to wonder anymore because we’ve got your answers.
As the generations go by, credit card debt numbers have fallen significantly. Younger Americans are killing it when it comes to paying off and managing credit card debt, especially compared to older Americans. Let’s take a look at the average credit card debt of Americans according to age groups.
Younger Millennials (aged 18-24)
Younger millennials have an average credit card debt of $709.79. Younger Americans don’t seem to be amazed by credit cards and would prefer simply not to use them. Perhaps the reason is that younger millennials saw the financial crisis of 2008 during their formative years and aren’t as enchanted by credit cards as older generations were.
Older Millennials (aged 25-34)
Older millennials have an average credit card debt of $7,327.42. This is a huge jump from the previous age group, with older millennials having around ten times more debt than younger millennials. This can largely be attributed to older millennials being termed impulsive or big spenders. Many older millennials also use their credit cards to pay rent and groceries.
Younger Gen X (aged 35-44)
Younger Gen Xs have an average credit card debt of $3,382.35. While this is less than that of the older millennials, it is still a significant amount. This debt can probably be attributed to the fact that most younger Gen Xs are just starting their families and buying their homes.
Older Gen X (aged 45-54)
Older Gen Xs have an average credit card debt of $4,290.07. Most older Gen Xs seem to be in trouble regarding retirement savings. With so much credit card debt, many of them haven’t even started saving for retirement until they pay off their debts.
Baby Boomers (55-64)
Baby boomers have an average credit card debt of $9,878.09. The baby boomers were the first generation to have access to credit cards, so it only makes sense that they would have the highest average credit card debt. But can we really blame them? They were spending at a time when credit card debt wasn’t a scary thought, and the boomers had three or more credit cards at a time.
Seniors (65 and older)
And lastly, senior Americans have an average credit card debt of $1,755.33. Credit cards were popularized after their time, and most seniors only used credit cards to pay off unexpected expenses or medical expenses while dealing with fixed incomes.
So, there you have it! An outline of the average credit card debt that American generations are dealing with. If you are struggling to pay off your credit card debt, you first need to call your company and work out a debt payment plan that works for you!
