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