How Does Your Credit Card Debt Compare to People Your Age?

There's no getting around the fact that Americans, in general, have a lot of credit card debt. But, that amount of debt varies based on age groups. For example, the average person in Gen Z has a different amount of credit card debt than the average person in the Silent Generation. So, how does your credit card debt compare to others in your age group? A new study shows how much credit card debt the average individual in each generation carries.

The Federal Reserve recently released data stating that credit card balances increased by $50 billion to $1.13 trillion over the fourth quarter of 2023, while mortgage balances rose by $112 billion to $12.25 trillion. Outside of credit cards and mortgages, auto loan balances also went up by $12 billion to $1.61 trillion, a number that's been steadily increasing since 2011.

Another report from Transunion states that total bankcard balances reached a new record of $995 billion in Q3 2023. They add that the average bankcard balance per consumer went up 11% year to date to $6,088, the highest figure in the last 10 years. "Total bankcard credit lines increased 9% YoY to $4.6T while the average credit line per consumer has surpassed the $25K mark," they add. In other words, credit cards are being maxed out at a record high in America.

The average amount of credit card debt varies based on the generations. Gen X is the generation with the most credit card debt. In my opinion, this makes sense, because Gen X was the generation hit hardest by the 2008 recession. They were also the first generation with massive student loans. When you look at the numbers, it's actually shocking how much more credit card debt Gen X has compared to the other generations. That said, even though Gen Xers have the highest credit card debt by generation, millennials' average balances grew the most, increasing by around 15% in the last quarter of 2023, compared with the last quarter of 2022. So, maybe they'll catch up to Gen X at some point, but it will take a while.

Below is a list of the average credit card debt per person in each generation, viaExperian. These numbers are for Q3 of 2023. In the same study, they note that only 7.1% of Americans have a FICO® Score Credit Range of 800-850, which is the exceptional credit score range.

Gen Z (18–26 years old) - $3,262
Millennials (27–42 years old) - $6,521
Gen X (43–58 years old) - $9,123
Baby boomers (59–77 years old) - $6,642
Silent Generation (78 and older) - $3,412