Here’s the Average Credit Card Debt for Every Generation

Consumers credit card balances are rising, which may be due in part to higher bills, according to a study by Experian.

Turning to your credit cards to cover expenses isn’t necessarily a bad thing unless you carry a balance from month month. Then, you’re simply digging yourself into debt. And if you make further charges on top, you’re digging a hole that’s going to be quite challenging to get out of. After all, the average credit card interest rate is between 25% and 30%.

Here’s the average credit card debt for every generation to see how you measure up. Plus, you’ll find tips for getting yourself out of debt if you’ve been swiping your card more than should have.

• Credit card debt: $6,501

According to the Experian study, the average credit card debt for Americans is $6,501 — up 10% from $5,910 in 2022. One reason why the debt may have increased is due to higher monthly bills, such as insurance premiums and utilities.

According to the Experian, 58% of respondents reported that their monthly bills have significantly increased. And 75% of those respondents admitted that credit card bills — either new or increased — have affected their ability to pay down their credit card debt.

• Credit card debt: $3,262

Gen Z has the least credit card debt of all generations, which makes sense. It’s the youngest generation that’s of legal age to have their own credit cards, so they haven’t had access to the convenience of this form of payment as long as other generations.

Even so, the average credit card debt for Gen Zers was $2,854 in the third quarter of 2022, according to Experian. A year later it had risen 14.3% to $3,262.

According to a recent Forbes Advisor survey about credit card usage, the largest percentage of Gen Zers (31%) use their credit cards to pay for everyday living expenses, followed big purchases.

• Credit card debt: $6,521

Millennials have quite a bit more credit card debt on average than Gen Z. In Q3 2022, average credit card debt for millennials was $5,649. In Q3 2023, the debt had increased over 15% to $6,521.

The Experian study found that millennials have the fastest-growing average credit card balances out of all generations. In fact, their current credit card debt is almost equal to the average credit card debt of all consumers.

According to the Forbes Advisor survey, millennials are the generation most likely to use their credit cards several times a day, followed closely by Gen Z. Furthermore, millennials mostly reach for their cards to pay everyday living expenses, which could explain their quickly growing debt.

• Credit card debt: $9,123

Compared to millennials and Gen Z, Gen X is a lot more likely to have families, parents in retirement homes and mortgages. That can translate to credit card debt and the bad habit of not paying it off.

According to the Experian study, Gen X is the generation with the most credit card debt out of all generations at over $9,000 — a figure that exceeds the national average of $6,501 by more than 40%.

Additionally, like the other generations, this is a trend that’s been building. A year earlier, the average credit card debt for Gen Xers was about $1,000 less at $8,134.

According to the Forbes Advisor survey, one-third of Gen Xers use their credit card a few times per week. They spend most on all eligible purchases to earn rewards, followed by everyday living expenses and big purchases.

• Credit card debt: $6,642

The baby boomers were the first generation to have credit cards in their pockets, making it only natural that they also carry a higher amount of credit card debt. However, it only exceeds the national average by $141.

One reason boomers may have so much debt is because of their frequent credit card usage. Like Gen X, the largest percentage of baby boomers (39%) use their credit card a few times per week — mostly to earn rewards, followed by everyday living expenses and big purchases, according to the Forbes survey.

• Credit card debt: $3,412

The average credit card debt of the Silent Generation is slightly more than Gen Z’s average debt of $3,262, but only by $150. This oldest generation also has the smallest year-over-year increase at just 2.9% — from $3,316 in 2022 to $3,412 in 2023.

If your monthly credit card balance is out of hand, don’t lose hope. Instead, take action to ease the burden. The next few slides include some helpful tips.

Brandon Galici, certified financial planner and founder of Galici Financial, said to list out all of your credit card details, including balances, interest rates and minimum payments.

“While it may seem daunting at first, it typically provides you with clarity which can reduce your financial anxiety,” he said. “I once worked with clients who went through this process and they realized that they had less debt than they initially feared.”

Galici said before you start making a plan to pay off your debt, you should have a clear picture of where your money is going each month.

“If the idea of budgeting every dollar feels overwhelming, simply start by tracking your income and spending,” he suggested. “You may find unused subscriptions and other spending habits that don’t even align with your values or bring you joy. Cutting these out immediately creates extra cash flow that can be redirected towards your credit card balances.”

“From there, I recommend implementing either the debt snowball or debt avalanche method to start chipping away at your credit cards strategically,” said Galici.

“Another valuable strategy for those with relatively good credit is to explore a debt consolidation loan. This allows you to receive a lump sum to pay off all your credit card balances. This leaves you with just one fixed personal loan payment which should be at a lower interest rate.”

Galici said that there’s no one-size-fits-all solution when it comes to paying off your credit card debt.

“The right approach depends on factors like your current interest rates, balances owed, payment discipline and cash flow situation,” he explained. “But getting organized and committing to a strategic payoff plan are critical first steps.”

Dan Ketchum contributed to the reporting for this article.