Hi. Yeah. New research just in from experience on credit card debt. It found Gen X. Those of you aged 44 to 59. It's me carrying the highest credit card balances on average nearly $9300 of debt for millennials 28 to 43 years old or boomers age of 60 to 78. Both those groups carry just over $6600 of debt. What can we do to pay off that credit card debt faster? Well, you can start by targeting one debt bucket at *** time, do whatever works for you, right? And that could mean paying off your smallest amount of debt first or going straight for the debt with the highest interest rate first. I suggest that always pay more than the minimum payment. So your credit doesn't get dinged. You can also consolidate your debt using *** balance transfer credit card or *** debt consolidation loan. I'm gonna share *** link for how to do that in my Rawson reports newsletter plus bonus content, exclusive deals come straight to your inbox. It's free, it's much easier. Ok. Sign up right now at Rawson reports.com. Back to you.
Rossen Reports: This age group carries the most credit card debt; new report
New research from Experian shows Gen X carries the highest average credit card balance at nearly $9,300.Millennials and Baby Boomers carry roughly the same amount of credit card debt, averaging more than $6,600.The Silent Generation carries nearly $3,400 of credit card debt, and Gen Z carries nearly $3,300 of credit card debt.Strategizing how to pay off credit card debtTo pay off credit card debt faster, start by targeting one debt at a time.Focus on paying off the card with the highest interest rate or use the snowball method, paying off the smallest balance first and then moving to the next smallest.Always pay more than the minimum payment.Consider consolidating your debt with a balance transfer credit card or a debt consolidation loan. To learn more about consolidating your debt, see our previous report here.Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment "Rossen Responds." Email your questions to him at [email protected].
New research from Experian shows Gen X carries the highest average credit card balance at nearly $9,300.
Millennials and Baby Boomers carry roughly the same amount of credit card debt, averaging more than $6,600.
The Silent Generation carries nearly $3,400 of credit card debt, and Gen Z carries nearly $3,300 of credit card debt.
Strategizing how to pay off credit card debt
To pay off credit card debt faster, start by targeting one debt at a time.
- Focus on paying off the card with the highest interest rate or use the snowball method, paying off the smallest balance first and then moving to the next smallest.
- Always pay more than the minimum payment.
- Consider consolidating your debt with a balance transfer credit card or a debt consolidation loan. To learn more about consolidating your debt, see our previous report here.
Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment "Rossen Responds." Email your questions to him at [email protected].
FAQs
Adults aged 65 to 74 have the highest average credit card debt at $7,700, and roughly 34% of people in this age group have debt. Meanwhile, 57% of Americans between the ages of 45 and 54 have credit card debt, making them the age group most likely to carry it.
What age group uses credit cards the most? ›
Credit card account ownership by age
In 2022, 67% of those aged 18-29 had a card, 79% of those aged 30-44 had a card, 86% of those aged 45-59 had a card and 92% of those 60 or older had a card.
What demographic has the most credit card debt? ›
The average American family's credit card debt in 2022 was $6,120, according to the most recent Federal Reserve data. The average debt per capita was $3,332.80. Baby boomers, Generation X, and millennials carried the most credit card debt.
What percentage of adults have carried credit card debt in the last year? ›
The cost of carrying credit card debt is high. Even so, more Americans — 50 percent, according to new Bankrate survey data — are carrying a balance today than they have been since March 2020. With interest rates at an all-time high, you might wonder why cardholders are carrying that balance.
What age group has the most debt? ›
The average debt in America is $104,215 across mortgages, auto loans, student loans, and credit cards. Debt peaks between ages 40 and 49 among consumers with excellent credit scores. The largest percentages of the average consumer debt balance are mortgages.
What generation has the most credit card debt? ›
Americans collectively owe over $1 trillion in credit card debt. But one generation carries the most, on average: Gen X. The average credit card balance for Gen Xers, defined at those between the ages of 43 and 58, rose to $9,123 in the third quarter of 2023, according to Experian's latest available data.
Which group of Americans has the highest amount of credit card debt? ›
However, households at the bottom of the income distribution tend to have the highest ratios of credit card debt to monthly income, as they may have less cash and savings and less access to more attractive lending options with lower interest rates, such as personal loans.
What group of people has the most debt? ›
Total debt by age group in the U.S.
People aged 50-59 have the most credit card debt in total at $0.21 trillion, and people aged 30-39 have the most student loan debt at $0.5 trillion.
What race has the most debt? ›
White people, on average, are more likely to have mortgage debt than Black people, but Black people are more likely to have credit card debt (Dettling et al., 2017).
What percentage of people 18-24 have never checked their credit score? ›
Help your borrowers master the credit score fundamentals
38% of adults aged 18-24 say they never check their credit score. Only 33% viewed their credit score in the past year. Yet, 1 in 5 people have mistakes on their credit report.
Average Credit Card Balance by Generation
| Generation | Average Credit Card Debt |
|---|
| Generation Z | $3,262 |
| Millennials | $6,521 |
| Generation X | $9,123 |
| Baby Boomers | $6,642 |
1 more rowSep 4, 2024
50% of credit cardholders say they carry a balance from month to month, according to Bankrate's Credit Card Debt Survey. 36% of U.S. adults have more credit card debt than emergency savings, according to Bankrate's 2024 Emergency Savings Report.
What age group has the worst credit? ›
As of 2023, the generation with the lowest credit score is Gen Z (18 – 26). That said, the generation with the lowest credit score is almost always going to be the youngest generation of adults. That's because length of credit history is an important factor in credit scoring.
What generation has the highest total debt? ›
By most measurements, Gen X is deeper in debt than other generations. Members of Gen X — born roughly from 1965 to 1980 — have the highest average debt stemming from student loans, credit cards and more. Why does Gen X owe so much money?
What group is most likely to fall into credit card debt? ›
Credit card debt by household income
While having a credit card is less common for lower-income consumers, they are more likely to be carrying card balances. And about 50 percent of those with annual incomes of $25,000 to $99,000 carried a balance on their credit cards at least once in the previous 12 months.
How many people have $50,000 in credit card debt? ›
Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year.
