12 Cities Where Gen Z and Millennial Credit Card Balances Are Increasing the Most

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Credit card debt is arguably one of the worst forms of debt to have. It typically carries an extraordinarily high interest rate and debt can quickly snowball out of control if you’re not careful with your spending. This can lead to a mountain of debt that buries you financially. Today, many Americans find themselves in this situation — credit card debt is on the rise nationwide.
According to the Federal Reserve Bank of New York, total U.S. household debt rose by $109 billion to reach $17.80 trillion as of Q2 2024. What’s more? Credit card balances increased by a whopping $27 billion, reaching a total of $1.14 trillion.
One huge driver behind ballooning credit card debt: inflation — the U.S. Bureau of Labor Statistics indicated that consumer prices rose 3% between June 2023 to June 2024 alone. The reality is that the cost of living is up and more people are leaning on credit cards to make ends meet.
You might be wondering who finds themselves in the most credit card debt. Well, two generations in particular are seeing their credit card debt increase the most: Gen Z and millennials. In some U.S. metro areas, these generations have a particularly high average credit card balance.
12 Metro Areas Where Credit Card Debt for Gen Z and Millennials Is On The Rise
Here are 12 cities where Gen Z and millennial credit card balances are increasing the most, according to an analysis by Experian:
1. Augusta, Georgia
- Average Gen Z credit card balance: $3,172
- Annual % increase: 14.7%
- Average millennial credit card balance: $6,533
- Annual % increase: 11.9%
2. Charleston, South Carolina
- Average Gen Z credit card balance: $3,994
- Annual % increase: 12.5%
- Average millennial credit card balance: $7,494
- Annual % increase: 11.1%
3. Charlotte, North Carolina
- Average Gen Z credit card balance: $3,610
- Annual % increase: 11.5%
- Average Millennial credit card balance: $7,075
- Annual % increase: 11.1%
4. Fayetteville, Arizona
- Average Gen Z credit card balance: $3,381
- Annual % increase: 13.4%
- Average Millennial credit card balance: $6,386
- Annual % increase: 11.4%
5. Honolulu, Hawaii
- Average Gen Z credit card balance: $4,231
- Annual % increase: 12.8%
- Average Millennial credit card balance: $8,016
- Annual % increase: 10.0%
6. Huntsville, Alabama
- Average Gen Z credit card balance: $3,231
- Annual % increase: 11.0%
- Average Millennial credit card balance: $6,498
- Annual % increase: 12.1%
7. Lakeland, Florida
- Average Gen Z credit card balance: $3,305
- Annual % increase: 10.6%
- Average Millennial credit card balance: $6,579
- Annual % increase: 11.3%
8. Oxnard, California
- Average Gen Z credit card balance: $3,857
- Annual % increase: 10.2%
- Average Millennial credit card balance: $7,464
- Annual % increase: 12.2%
9. Palm Bay, Florida
- Average Gen Z credit card balance: $3,353
- Annual % increase: 12.5%
- Average Millennial credit card balance: $7,031
- Annual % increase: 12.2%
10. Provo, Utah
- Average Gen Z credit card balance: $2,788
- Annual % increase: 13.5%
- Average Millennial credit card balance: $6,997
- Annual % increase: 11.5%
11. San Francisco, California
- Average Gen Z credit card balance: $3,882
- Annual % increase: 10.2%
- Average Millennial credit card balance: $7,236
- Annual % increase: 10.0%
12. Tucson, Arizona
- Average Gen Z credit card balance: $3,063
- Annual % increase: 10.2%
- Average Millennial credit card balance: $6,524
- Annual % increase: 10.3%
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