The average credit card debt by age ranges from $5,638 for people aged 75+ to $9,096 for cardholders between the ages of 45 and 54. The combined average credit card debt (for all ages) is roughly $5,700 per household, according to Federal Reserve data from 2017. It’s $10,900 if you only consider households that carry a balance from month to month.
WalletHub’s latest analysis, as of Q2 2018, shows that the average household has $8,332 in credit card debt. That’s just $129 shy of being unsustainable, according to WalletHub.
Average Credit Card Debt by Age Range:
- 18-35: $5,808
- 35-44: $8,235
- 45-54: $9,096
- 55-64: $8,158
- 65-69: $6,876
- 70-74: $6,465
- 75+: $5,638
Source: 2017 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.