Credit Card Debt by Generation (2024) (2024)

Apr 17, 2024

Fact checked

Written by John S Kiernan

WalletHub Managing Editor

Fact Checked by Alina Comoreanu

WalletHub Senior Researcher

Credit Card Debt by Generation:

Generation Z (19 - 27 years): $3,262
Millennials (28 – 43 years): $6,521
Generation X (44 – 59 years): $9,123
Baby Boomers (60 – 78 years): $6,642
Silent Generation (79+ years): $3,412

While credit cards are common among people of all ages, debt levels vary across generations. Generation X (ages 44-59) has the most credit card debt, with an average balance of $9,123, followed by baby boomers (ages 60-78) and millennials (ages 28-43), according to Experian's 2023 consumer debt study.

Generation Z, the youngest group, owed an average of $3,262 to credit card companies, while the Silent Generation, the oldest group, had the highest debt at $3,412. These numbers give us a glimpse into how people's financial responsibilities change as they get older.

Below are the statistics showcasing how different age groups handle their debts, offering a glimpse into how financial habits change over time.

Table of Contents

Average Credit Card Debt by GenerationWalletHub SurveysCredit Card Debt FAQs

Average Credit Card Debt by Generation

Members of Generation X owe 180% more than their counterparts from Generation Z on average, as of 2023.

Generation (age in 2024)	2021	2022	2023	Change (2023 vs 2022)
Generation Z (19 - 27)	$2,282	$2,854	$3,262	14.30%
Millennials (28 - 43)	$4,576	$5,649	$6,521	15.40%
Generation X (44 - 59)	$7,070	$8,134	$9,123	12.20%
Baby boomers (60 - 68)	$5,804	$6,245	$6,642	6.40%
Silent Generation (79+)	$3,177	$3,316	$3,412	2.90%

Key Observations:

Despite the average Gen Zer's credit card debt rising by 43% from 2021 to 2023, they still owe less than other generations.
Gen X's average credit card debt is approximately three times higher than that of the Silent Generation.
Gen Xers have 40% more credit card debt than Millennials, on average.

(Source: Experian data from Q3 2023)

WalletHub Surveys

Generational Finances Survey

We conducted a nationally-representative survey of Americans, asking several questions about people’s debts and budget to get a sense of how attitudes and actions differ across the age groups. Millennials in particular see debt as a major hurdle, with the highest percentage (21%) among all generations saying it's holding them back financially. Additionally, the majority of respondents across generations reported having a budget to manage their monthly expenses, with Generation X having the highest percentage (79.52%) and Generation Z having the lowest percentage (70%).

Is debt holding you back the most financially?

How do you feel about debt?

Do you have a budget for managing your monthly expenses?

Check out the full survey results.

Financial Secrets Survey

The latest WalletHub Financial Secrets survey shows that 33% of people lie about their debt, and this trend was seen across all generations. Baby boomers are the most likely to lie about their debt, doing so almost three times more than members of Generation X.

Check out the full survey results.

Credit Card Debt FAQs(15 questions)

Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.

What is the average credit card debt held by Gen X?

Adam McCann, Financial Writer

@adam_mcan

The average credit card debt held by Gen X (ages 43-58) is $8,134, according to Q3 2022 data from the credit bureau Experian. One reason Gen X's credit card debt is so high is that money is tight for people in this age group, between paying for things like mortgages and their children's college expenses.

In addition, since people in Gen X have had more credit experience than younger generations, and are likely close to their peak salaries, they are likely to have larger credit limits. Inflation and higher interest rates contribute to the high level of debt, as well.

Average Credit Card Debt by Generation

Generation (age in 2023)	Average Credit Card Debt
Gen Z (11-26 years old)	$2,854
Millennials (27-42 years old)	$5,649
Gen X (43-58 years old)	$8,134
Baby Boomers (59-77 years old)	$6,245
Silent Generation (78+ years old)	$3,416

Source: Experian, Q3 2022 (latest data available, reflects balances owed by people age 18+)

Since Gen X's average credit card debt is so high, it's important to make sure that debt doesn't spiral out of control in the future. For tips on getting debt-free, check out our article on how to pay off credit card debt. You can also learn more about the average credit card debt – by generation and other demographics – here on WalletHub.

Upvotes

What is the average credit card debt held by Gen Z?

Adam McCann, Financial Writer

@adam_mcan

What is the average credit card debt held by Silent Generation?

Adam McCann, Financial Writer

@adam_mcan

The average credit card debt held by the silent generation is $3,416, according to Q3 2022 data from the credit bureau Experian. The silent generation (ages 78+) has the second lowest debt level among the five generations studied by Experian, beaten only by Gen Z (11-26 years old).

Average Credit Card Debt by Generation

Generation

(age in 2023)

Average Credit Card Debt

Gen Z

(11-26 years old)

$2,854

...

Upvotes

What is the average credit card debt held by Baby Boomers?

Adam McCann, Financial Writer

@adam_mcan

The average credit card debt held by baby boomers is $6,245, according to Q3 2022 data from the credit bureau Experian. Baby boomers (ages 59-77) have the second highest debt level among all adult generations, behind only Gen X (ages 43-58).

Part of the reason why baby boomers' credit card debt is so high is that many of them have reached retirement age and are now on a fixed income. Many baby boomers also...

Upvotes

What's the average credit card debt by age?

WalletHub

@WalletHub

The average credit card debt by age ranges from $3,660 for people between the ages of 18 and 35 to $8,080 for people aged 75+. The combined average credit card debt (for all ages) is roughly $6,271 per household, according to Federal Reserve data from 2019. It's even higher if you only consider households that carry a balance from month to month.

WalletHub's latest analysis, as of Q4 2022, shows that the average household has $9,990 in credit card debt. That...

Upvotes

What percentage of people are in credit card debt?

Maria Adams, Credit Cards Moderator

@m_adams

Around 60% of people are in credit card debt, according to 2021 data. In 2021, 8 in 10 adults in the U.S. (84%) reported having at least one credit card and 73% of those adults carried a balance. Also, 43.4% of credit card accounts carry debt, according to the latest American Bankers Association report. For more context, out of the 441 million credit card accounts, 191 million carried a monthly balance, indicating that millions of people in the U.S. have credit card debt.

Shedding more light on this issue, people between the ages of 30 and 59 have an average of 131.47% more credit card debt than their older and younger counterparts. To delve deeper into credit card debt trends in the U.S., you can read WalletHub's latestCredit Card Debt Study.

Credit cards offer plenty of perks, from rewards on every purchase to 0% APRs, but they can also get accountholders into trouble if they aren't careful. Reducing debt and adopting sustainable spending habits are particularly important.

Upvotes

What's the average college student credit card debt?

Christie Matherne, Credit Card Writer

@christie_matherne

The average credit card debt for college students is $3,280, according to College Finance. This debt has become increasingly popular among college students. Plus, according to the College Finance study, it causes the most worry among college students, even more so than student loans.

What you should know about college student credit card debt:

37.6% of college students are behind on their payments while 44.7% of them are only paying their minimum amount.

Upvotes

What are the credit card approval odds for millennials?

Maria Adams, Credit Cards Moderator

@m_adams

Credit card approval odds for millennials vary based on the card they opt for. In 2022, millennials had an average credit score of at least 670, according to Experian data. This means millennials have high approval odds for credit cards for people with fair credit. Many millennials look for rewards credit cards while others want to build credit and clear debt without interest.

A good credit card with high approval odds for millennials is the Citi Double Cash Card. The card offers an...

Upvotes

What is the average age of a first-time credit card holder?

Theresa Chalfant, Writer

@theresa_chalfant

The average age of a first-time credit card holder is around 21 years old, with most people getting their first card shortly after high school. WalletHub did a survey of college students and found that the majority got their first card within the first two years of college.

When Students Get Their First Credit Cards

School Year	Percentage of Students
Freshman ...	28%

Upvotes

What is the best Discover travel card?

John S Kiernan, Managing Editor

@John

The best Discover travel card is the Discover it® Miles because it offers unlimited 1.5 miles per $1 spent on all purchases. Discover also matches all miles earned by new cardmembers during the first year. Discover miles are worth 1 cent each (regardless of the redemption option), and cardholders can use their miles to pay for any travel purchase made with the card. Cardholders can also book travel accommodations on Discover's travel portal using miles, with no blackout dates or...

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