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During the past two years, credit-card balances of younger generations have grown at a faster rate than for older generations. From June 2020 to March 2022, the average credit-card balance for Generation Z grew from $1,947 to $2,443 — more than a 25% increase. The average credit-card balance for millennials grew from $4,331 to $4,930 during that same period — close to a 14% increase.

On the opposite side of the spectrum, older generations spent the past two years paying down their credit-card debt, leading to a decline in their balances. The average credit-card balance of baby boomers dropped more than 6%, while the silent generation’s average balance dropped more than 4%.

Sources: How Credit Card Usage Differs by Generation, Experian, September 13, 2022


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