Wealthy Living

Discover How Generations Differ in Their Credit Card Use 

Younger Americans are racking up credit card debt faster than older generations.

In the time since the U.S. economy came to a pandemic-induced halt in the spring of 2020, their credit card debt has grown more on average, while older generations have seen reductions in average credit card debt balances.

As it turns out, it’s older generations that have been able to pay down more credit card debt in recent years.

The Silent Generation, born from 1928 to 1945, and baby boomers, born from 1946 to 1964, also have the highest average credit scores of any generation.

Baby Boomers, Gen X Have Most Credit Cards on Average

Americans who have reached middle age or older—Gen X and baby boomers—hold the most credit cards, with an average of more than four per person.

Members of Gen Z held just half that—among those old enough to have credit cards, that is.

Youngest Generations See Fastest Credit Card Balance Growth During Pandemic

Since the start of the COVID-19 pandemic, the credit card debt for Gen Z and millennials has grown at a faster rate than other generations.

The oldest Americans—the Silent Generation and baby boomers—paid down credit card debt over those two years in large enough numbers to drive their average balance down.

Credit Utilization Ratios Increased for Gen Z and Millennials

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