Credit Card Debt by Generation:
- Generation Z (18 - 28 years): $3,493
- Millennials (29 – 44 years): $6,961
- Generation X (45 – 60 years): $9,600
- Baby Boomers (61 – 79 years): $6,795
- Silent Generation (80+ years): $3,445
While credit cards are common among people of all ages, debt levels vary across generations. Generation X (ages 45-60) has the most credit card debt, with an average balance of $9,600, followed by millenials (ages 29-44) and Baby Boomers (ages 61-79), according to Experian's 2025 consumer debt study.
Silent Generation, the oldest group, owed an average of $3,445 to credit card companies, while the Generation Z, the youngest group, owed slightly more at $3,493. These numbers give us a glimpse into how people's financial responsibilities change as they get older.
Below are the statistics showcasing how different age groups handle their debts, offering a glimpse into how financial habits change over time.
Average Credit Card Debt by Generation
Members of Generation X owe 175% more than their counterparts from Generation Z on average, as of 2025.
| Generation (age in 2025) | 2022 | 2023 | 2024 | 2025 | Change (2025 vs 2024) |
|---|---|---|---|---|---|
| Generation Z (18 - 28) | $2,692 | $3,148 | $3,266 | $3,493 | 6.95% |
| Millennials (29 - 44) | $5,309 | $6,274 | $6,648 | $6,961 | 4.71% |
| Generation X (45 - 60) | $7,781 | $8,870 | $9,255 | $9,600 | 3.73% |
| Baby Boomers (61 - 79) | $6,134 | $6,601 | $6,648 | $6,795 | 2.21% |
| Silent Generation (80+) | $3,305 | $3,434 | $3,375 | $3,445 | 2.07% |
Key Observations:
- Despite the average Gen Zer's credit card debt rising by 30% from 2022 to 2025, they still owe less than other generations, except for the Silent Generation.
- Gen X's average credit card debt is approximately three times higher than that of the Silent Generation.
- Gen Xers have 38% more credit card debt than Millennials, on average.
Average Credit Card Debt by Age
The average credit card debt by age ranges from $3,445 for people aged 80+ to $9,600 for people between the ages of 45 and 60. The combined average credit card debt (for all ages) is roughly $11,019 per household, according to WalletHub data. It’s even higher if you only consider households that carry a balance from month to month.
Key Things to Note About Credit Card Debt & Age
- Cardholders younger than 29 years old tend to have the lowest credit card debt levels, on average, because many of them have starter credit cards with relatively low spending limits, reflecting relatively low income.
- As people reach middle age, debt levels increase. While people are in their peak earning years, they have more expenses like mortgages and child care.
- The average credit card debt declines after middle age, as earning power and expenses decline.
- The oldest consumers often carry lower balances because they have a fixed income and rely less on credit or have already paid down much of their debt.
WalletHub Surveys
Generational Finances Survey
We conducted a nationally-representative survey of Americans, asking several questions about people’s debts and budget to get a sense of how attitudes and actions differ across the age groups.
Generation X in particular see debt as a major hurdle, with the highest percentage (22.33%) among all generations saying it's holding them back financially. Additionally, the majority of respondents across generations reported having a budget to manage their monthly expenses, with Baby Boomers having the highest percentage (81.55%) and Generation X having the lowest percentage (67.34%).
Is debt holding you back the most financially?
How would you rate your ability to handle debt?
Do you maintain a monthly budget?
Check out the full survey results.
Financial Secrets Survey
The 2023 WalletHub Financial Secrets survey shows that 33% of people lie about their debt, and this trend was seen across all generations. Baby Boomers are the most likely to lie about their debt, doing so almost three times more than members of Generation X.
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