Here's how much credit card debt Americans have by age—and which generation owes the most (2024)

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Here's how much credit card debt Americans have by age—and which generation owes the most? ›

The Gen X debt situation

The cohort also has the largest share of people with debt, nearly 99% carry some type of balance, LendingTree found. Gen Xers led the way in three of the four categories analyzed. The group — between 44 and 59 years old — has the highest median credit card, auto loan and student loan balances.

The Gen X debt situation

The cohort also has the largest share of people with debt, nearly 99% carry some type of balance, LendingTree found. Gen Xers led the way in three of the four categories analyzed. The group — between 44 and 59 years old — has the highest median credit card, auto loan and student loan balances.

The average debt in America is $104,215 across mortgages, auto loans, student loans, and credit cards. Debt peaks between ages 40 and 49 among consumers with excellent credit scores. The largest percentages of the average consumer debt balance are mortgages.

Data from Experian tracks with those findings: Gen Z and millennials carry lower credit card balances than Gen X and baby boomers, although it does show that Gen Xers on average carry more on their credit cards than baby boomers.

Jessica Burbank and Amber Duke react to new findings in the world happiness report that a great percentage of the Gen Z population is unhappy.

The Gen Z debt situation

The youngest generation in the study has the lowest debt ($16,652) but the vast majority, 97%, still carry a balance. As far as student loans, Gen Zers owe significantly less than other generations, with a median balance of $12,172 — roughly half of what millennials owe for school.

A look at credit scores by age shows one generation is the clear winner. According to The Ascent's research, the silent generation has the highest average credit score. Scores go down from there. Baby boomers do better than Gen X, Gen Xers beat out millennials, and millennials score higher than Gen Z.

A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.

Mortgage-Paying Habits of Average Americans

For example, according to the Census Bureau, fewer than 28% homeowners below retirement age have paid off their homes completely, as opposed to almost 63% of those 65 or older. That makes sense, of course, as older Americans have had a longer time to make payments.

Key points. Average net worth peaks between ages 70 and 74.

What generation uses cash the most? ›

Cash, with its transparency and finite nature, provides a sense of control over spending that digital alternatives often lack. A recent report by Credit Karma validates this trend, revealing a significant uptick in cash usage among Gen Z over the past year.

Millionaires use credit cards like the Centurion® Card from American Express and the J.P. Morgan Reserve Credit Card. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting.

Total debt by age group in the U.S.

People aged 50-59 have the most credit card debt in total at $0.21 trillion, and people aged 30-39 have the most student loan debt at $0.5 trillion.

Which generation spends the most? According to data from the Bureau of Labor Statistics, Generation X (that is, people born between 1965 and 1980) spent the most money in 2022 with an average annual expenditure of $91,382. The top spending categories for Gen X were housing, transportation, and food (in that order).

According to Newsweek, bankruptcy filings are up 24.7% for Generation X and up 40.1% for Millennials. This rise in bankruptcies is no coincidence. The economic strain on younger generations is clearly reflected in broader economic data.