When it comes to credit card debt, most Americans have at least some balances on account. It’s almost a necessity to have credit cards now. And with the rising gas and consumer prices, it’s hard for folks to make ends meet without putting some of their debts on their credit cards.
But relying on plastic to pay your monthly bills will get you jammed up fast. So, which age group is experiencing the most credit card debt?
It’s not the youngest generation
Say what you will about Generation Z, but they are not carrying the heaviest credit card debt loads into 2026. That dubious designation belongs to the adults of Gen X, those aged 45 to 60, whose balances tend to hover in the high four figures. Both Gen Z and the Boomer generation, on average, have the least amount of plastic debt, typically not more than $4,000 or $5,000. Millennials from age 30 to 44 take second “prize” with outstanding balances of $6,500-$7,000.
Why the age gap for debtors?
It’s easier to manage credit debt during your peak earning years, which for most is the midlife years. Then, those individuals might also struggle with other financial obligations like student loans and childcare expenses. Older adults tend to face more health crises, which can run up the amount of medical debt they have.
It’s easy to justify “putting it on the card” when it’s time to ante up at the cash register. But these debts can morph into major expenditures when late fees and interest get tacked onto the principal.
How much is too much debt?
There is no single amount that is considered “too much” debt. It is too much whenever what you owe exceeds what you can pay on the salary and resources you have.
If you are worried about insurmountable debts, now is a great time to learn more about filing for bankruptcy relief.
