The average American’s credit card balances total $5,551, representing 30 percent of their total credit limits, according to Experian’s annual report, State of Credit 2016. Experian’s report found that baby…

Older Generations Carry Twice the Credit Card Debt of Millennials

Older Generations Carry Twice the Credit Card Debt of Millennials

The average American’s credit card balances total $5,551, representing 30 percent of their total credit limits, according to Experian’s annual report, State of Credit 2016.

Experian’s report found that baby boomers and generation X-ers carry more than twice the credit card debt of millennials. However, the younger generations use a greater percentage of their available credit, compared to their older consumer counterparts.

Generation-X or younger Americans use about 36 percent of their available credit on average. Most experts recommend a 30 percent maximum.

Credit card debt varies by region as well, as do average credit scores. Cities in Minnesota claimed the top three credit score spots: Mankato: 708; Rochester: 708; and Minneapolis: 707.

Last month, CreditCards.com released an analysis that found average credit card indebtedness ranges from a low of $4,410 in Iowa to a maximum of $7,552 in Alaska.

He’s the breakdown from Experian of average credit card debt among different generations:

Generation Average Balance Credit Utilization No. of Credit Cards
Silent Generation (Born 1925-1945) $3,780 16% 1.91
Baby Boomers (Born 1946-1964) $6,889 29% 2.93
Generation X (Born in mid- 1960s through early 1980s $6,886 37% 2.56
Millennials (Born in 1980s through 1990s) $3,542 36% 2.02
Generation Z (Born
in mid-1990s or later
$1,682 36% 1.29

 

 

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