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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