Here’s How Much Gen Z Has in Credit Card Debt in Each State
Written by
Adam Palasciano
Edited by
Ashley Barnett
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Gen Z is often known as the generation who’s financially insecure and unsure, characterized by careless spending and being deep in debt. Well, this characterization might have a ring of truth to it: the average Gen Zer credit card debt is on the rise.
In a recent Experian study, they took a look at the leading edge of Generation Z, those between 18 and 26 years old as of Q3 2023.
Starting with the good news, the average Gen Z credit score is also on the rise. Here’s how the current average FICO score and credit card debt for Gen Zers shakes out:
- Average FICO Score: 680
- Average credit card balance: $3,262
To put these figures into perspective, the average Gen Z FICO score is up 6 points from an average of 674 in 2020. This lands the average Gen Zer 35 points short of the national average credit score of 715. According to FICO, this puts the average Gen Zer in the “good” range, which starts at 670.
However, their credit card debt is up from an average of $2,854 in 2022. This represents a whopping 14.3% increase in just one year.
It’s worth noting that the average credit card of every other generation is also on the rise, up through and including the Silent Generation (age 78+). The current average credit card debt of all U.S. consumers hovers at around $6,501.
Gen Z Is Embracing Buy Now, Pay Later Services
Just about everything costs more these days: housing, groceries, utilities, and more. So, it’s not surprising news that Gen Z is one of the biggest adopters of buy now, pay later (BNPL) services these days. However, other generations are catching up too. Buy now pay later service Afterpay reported that three-quarters of both Gen Zers and Millennials reported using buy now, pay later in the past month. This is compared with just half of Gen Xers.
Average Credit Gen Z Credit Card Debt By State
Here’s the average Gen X credit card debt by state, according to recent data from Experian:
- Alabama: $2,878
- Alaska: $3,292
- Arizona: $3,319
- Arkansas: $2,753
- California: $3,516
- Colorado: $3,559
- Connecticut: $3,634
- Delaware: $3,202
- Florida: $3,721
- Georgia: $3,371
- Hawaii: $3,793
- Idaho: $2,667
- Illinois: $3,201
- Indiana: $2,666
- Iowa: $2,514
- Kansas: $2,896
- Kentucky: $2,590
- Louisiana: $2,864
- Maine: $2,764
- Maryland: $3,385
- Massachusetts: $3,390
- Michigan: $2,769
- Minnesota: $2,877
- Mississippi: $2,585
- Missouri: $2,798
- Montana: $2,954
- Nebraska: $2,738
- Nevada: $3,587
- New Hampshire: $3,186
- New Jersey: $3,671
- New Mexico: $2,890
- New York: $3,845
- North Carolina: $3,103
- North Dakota: $2,907
- Ohio: $2,742
- Oklahoma: $2,907
- Oregon: $2,944
- Pennsylvania: $2,957
- Rhode Island: $3,274
- South Carolina: $3,001
- South Dakota: $2,631
- Tennessee: $3,031
- Texas: $3,466
- Utah: $2,764
- Vermont: $3,454
- Virginia: $2,915
- Washington: $3,243
- West Virginia: $2,702
- Wisconsin: $2,524
- Wyoming: $2,928
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