Adam McCann, Financial Writer
@adam_mcan
The average credit card debt held by Gen X (ages 43-58) is $8,134, according to Q3 2022 data from the credit bureau Experian. One reason Gen X’s credit card debt is so high is that money is tight for people in this age group, between paying for things like mortgages and their children’s college expenses.
In addition, since people in Gen X have had more credit experience than younger generations, and are likely close to their peak salaries, they are likely to have larger credit limits. Inflation and higher interest rates contribute to the high level of debt, as well.
Average Credit Card Debt by Generation
| Generation (age in 2023) | Average Credit Card Debt |
| Gen Z (11-26 years old) | $2,854 |
| Millennials (27-42 years old) | $5,649 |
| Gen X (43-58 years old) | $8,134 |
| Baby Boomers (59-77 years old) | $6,245 |
| Silent Generation (78+ years old) | $3,416 |
Source: Experian, Q3 2022 (latest data available, reflects balances owed by people age 18+)
Since Gen X’s average credit card debt is so high, it’s important to make sure that debt doesn’t spiral out of control in the future. For tips on getting debt-free, check out our article on how to pay off credit card debt. You can also learn more about the average credit card debt – by generation and other demographics – here on WalletHub.
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