Hi. Yeah. New research just in from experience on credit card debt. It found Gen X. Those of you aged 44 to 59. It's me carrying the highest credit card balances on average nearly $9300 of debt for millennials 28 to 43 years old or boomers age of 60 to 78. Both those groups carry just over $6600 of debt. What can we do to pay off that credit card debt faster? Well, you can start by targeting one debt bucket at *** time, do whatever works for you, right? And that could mean paying off your smallest amount of debt first or going straight for the debt with the highest interest rate first. I suggest that always pay more than the minimum payment. So your credit doesn't get dinged. You can also consolidate your debt using *** balance transfer credit card or *** debt consolidation loan. I'm gonna share *** link for how to do that in my Rawson reports newsletter plus bonus content, exclusive deals come straight to your inbox. It's free, it's much easier. Ok. Sign up right now at Rawson reports.com. Back to you.
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Rossen Reports: This age group carries the most credit card debt; new report
New research from Experian shows Gen X carries the highest average credit card balance at nearly $9,300.Millennials and Baby Boomers carry roughly the same amount of credit card debt, averaging more than $6,600.The Silent Generation carries nearly $3,400 of credit card debt, and Gen Z carries nearly $3,300 of credit card debt.Strategizing how to pay off credit card debtTo pay off credit card debt faster, start by targeting one debt at a time.Focus on paying off the card with the highest interest rate or use the snowball method, paying off the smallest balance first and then moving to the next smallest.Always pay more than the minimum payment.Consider consolidating your debt with a balance transfer credit card or a debt consolidation loan. To learn more about consolidating your debt, see our previous report here.Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment "Rossen Responds." Email your questions to him at [email protected].
New research from Experian shows Gen X carries the highest average credit card balance at nearly $9,300.
Millennials and Baby Boomers carry roughly the same amount of credit card debt, averaging more than $6,600.
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The Silent Generation carries nearly $3,400 of credit card debt, and Gen Z carries nearly $3,300 of credit card debt.
Strategizing how to pay off credit card debt
To pay off credit card debt faster, start by targeting one debt at a time.
- Focus on paying off the card with the highest interest rate or use the snowball method, paying off the smallest balance first and then moving to the next smallest.
- Always pay more than the minimum payment.
- Consider consolidating your debt with a balance transfer credit card or a debt consolidation loan. To learn more about consolidating your debt, see our previous report here.
Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment "Rossen Responds." Email your questions to him at [email protected].
