WalletHub, Financial Company
The average credit card debt by age ranges from $3,660 for people between the ages of 18 and35 to $8,078 for people aged 75+. The combined average credit card debt (for all ages) is roughly $6,271 per household, according to Federal Reserve data from 2019. It’s even higher if you only consider households that carry a balance from month to month.
WalletHub’s latest analysis, as of Q3 2020, shows that the average household has $7,849 in credit card debt. That is $2,636 below WalletHub’s projected breaking point.
Average Credit Card Debt by Age Range:
- 18-35: $3,660
- 35-44: $5,991
- 45-54: $7,672
- 55-64: $6,884
- 65-74: $7,033
- 75+: $8,078
Source: 2020 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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Karen Moroz, WalletHub Mortgage Analyst
The average American household is carrying a balance of $5,500, but credit card debt appears to peak for individuals who are between 45 and 54 years old at about $9,000.
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