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The average credit card debt by age ranges from $4,070 for people between the ages of 18 and 35 to $3,990 for people aged 75+. The combined average credit card debt (for all ages) is roughly $10,668 per household, according to WalletHub data and FDIC. It’s even higher if you only consider households that carry a balance from month to month.
Average Credit Card Debt by Age Range:
- 18-35: $4,070
- 35-44: $6,370
- 45-54: $6,660
- 55-64: $7,530
- 65-74: $7,720
- 75+: $3,990
Source: 2023 Federal Reserve Survey of Consumer Finances
The average credit card debt by age makes a lot of sense when you think about it. Cardholders younger than 35 years old have the lowest average credit card debt because many of them have starter credit cards with relatively low spending limits.
But as people reach middle age, debt levels increase. While these people are in their peak earning years, they have more expenses like mortgages and child care expenses.From middle age, the average credit card debt declines. Retirees often have a fixed income. But they’ve also paid off most major debts and spend their money on everyday expenses.
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