Adam McCann, Financial Writer
@adam_mcan
The average credit card debt held by the silent generation is $3,416, according to Q3 2022 data from the credit bureau Experian. The silent generation (ages 78+) has the second lowest debt level among the five generations studied by Experian, beaten only by Gen Z (11-26 years old).
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+)
Although people in the silent generation are often on a fixed income, they may have a low cost of living in general due to having paid off their mortgages or having living expenses paid for by family members. They also may not get out as much to use credit cards in day-to-day life, may have difficulty using them online, and might even prefer to use more traditional payment methods like cash or checks. All of these factors could potentially contribute to their low level of credit card debt.
Even though the Silent Generation’s credit card debt is generally low, it’s still 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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