Average Credit Card Debt by Age

In 2024, US consumers of all ages dramatically increased how much debt they owe. Americans collectively added more than $400 billion of new debt in just one year.¹ 

Total debt levels rose to almost $17.6 trillion, up 2.4% from $17.2 trillion a year earlier. Of that total, $1.16 trillion was attributable to a reliance on credit cards.

Multiple factors contributed to this explosion of debt, including rising inflation, interest rates, and consumer demand. Together, these factors put pressure on consumers’ ability to pay for goods and services. 

Credit cards, personal loans, and point-of-sale buy-now, pay-later (BNPL) loans, among other forms of consumer credit, closed the gap.

The average credit card balance rose to $6,730 in 2024,² a 3.5% increase over the year prior. Here’s how that average varies across generations:

Generation	2023 Credit Card Debt	2024 Credit Card Debt	% Change (2023–2024)
Generation Z	$3,262	$3,456	0.059
Millennials	$6,521	$6,932	0.063
Generation X	$9,123	$9,557	0.048
Baby Boomers	$6,642	$6,754	0.017
Silent Generation	$3,412	$3,428	0.005

Millennials raised their average total card debt more than any other age group, with a 6.3% increase in total card debt in 2024.

The Silent Generation, born between 1928 and 1945, increased their credit card debt the least, with a 0.5% bump.

Gen X Has the Highest Average Card Debt: $9,557

Every generation experienced an increase in average credit card balances in 2024. But the highest average card debt – $9,557 – belongs to Gen X. This group has a history of having higher card debt than other generations, judging by the 2023-2024 data.

The Silent Generation Has the Lowest Average Card Debt: $3,428

While Gen X had the highest average card debt among the generations, the Silent Generation had the lowest credit card debt in 2024. They also experienced the smallest growth in debt, increasing only 0.5% since 2023.

Millennials Post the Second-Highest Debt: $6,932

Millennials, the generation between Gen X and Gen Z, posted the biggest increase of 6.3% in average card debt in 2024. This increase boosts millennials’ average card debt to $6,932, the second-highest among the generational groups.

Most people’s total average debt peaks when they’re middle-aged. That’s because they’re typically earning more and spending more at this time in their life than they did when they were younger or will when they’re older.

This pattern is evident in the total debt by age, reported by Experian.

The following figures represent total credit card debt for US consumers by age group:

Generation	2024 Total Debt
Generation Z	$0.77T
Millennials	$5.23T
Generation X	$6.51T
Baby Boomers	$4.5T
Silent Generation	$0.53T

How Credit Card Debt Correlates to Credit Scores By Age

Though credit card debt is on the rise, so, too, are consumer credit scores.

In 2024, average FICO credit scores rose through the generations from 681 for Gen Z to 691 for Millennials. Gen X saw average FICO credit scores stay at 709, while average credit scores for Baby Boomers reached 746, and average scores for the Silent Generation stayed at 760.

Generation	2023	2024
Generation Z (18–26)	680	681
Millennials (27–42)	690	691
Generation X (43–58)	709	709
Baby Boomers (59–77)	745	746
Silent Generation (78+)	760	760

Why do credit scores tend to rise with age? The reasons may include older generations’ longer credit histories and their additional years of experience using credit and learning about how credit scores are calculated.

The 2024 spike in consumer debt came with a dark side. Consumers didn’t just use more credit, they also struggled to make their card payments due to higher balances and interest rates.

From early 2020 to early 2022, credit card holders in all age groups achieved significant reductions in serious delinquencies (90 or more days late) for card payments, but this trend reversed in mid-2022.

Here’s how much serious delinquency rates rose for each age group from the first quarter of 2024 to the first quarter of 2025: 

Generation (Age Group)	Delinquency Rate Q1 2024 (%)	Delinquency Rate Q1 2025 (%)	% Increase
18–29	9.90	10.34	+4.4%
30–39	9.47	8.73	–7.8%
40–49	6.96	7.60	+9.2%
50–59	6.01	6.45	+7.3%
60–69	4.78	5.05	+5.6%
70+	5.53	5.57	+0.7%
All Ages (Total)	6.86	7.04	+2.6%

Gen X had the highest uptick in delinquency rates, perhaps due to compounding economic pressures in middle age.

Many people have more credit card debt than they want. If you’re looking for a way to pay off some of yours faster and at a lower cost to you, a balance transfer card may be a smart idea to consider.

Balance transfers let you move all or part of your existing card balances to one or more other cards. These transfers can lower your annual percentage rates (APRs) so you can pay off your balances sooner.

Balance transfer cards can also be used to consolidate multiple smaller card balances into one larger card balance with a single APR and monthly payment. Balance transfer fees are usually 3% or 5% of the amount you choose to transfer.

Many balance transfer cards offer attractive benefits, such as no annual fee, a rewards program, or an introductory 0% APR offer for purchases.

Before you apply for a balance transfer card, you may want to consider:

• How much you could save with a lower or 0% APR.

• How much time you’ll have to pay off all or part of your transferred balance before your introductory APR expires.

• Whether you’ll be charged interest retroactively for debt you don’t pay off before that date.

• How much you’ll be charged in fees for your balance transfer.

• How a new balance transfer card could affect your credit score.

If a balance transfer makes sense for you, your next steps may be to shop for a card you like, apply, and if approved, initiate your transfer. Be sure to find out when your introductory rate will end because your rate after that date will almost certainly be significantly higher.

Age is no barrier to credit card debt, or, indeed, any other type of debt. And while debt levels tend to vary by age bracket and generation, your debt and how well you manage it may not be determined by your age or your generation. In fact, many people of all ages don’t have any credit card debt at all.

If paying off your card debt is one of your financial goals, a balance transfer card may help you achieve that goal faster and at a lower overall cost. To find balance transfer cards that may be a good fit for you, shop around, compare card offers, and read the disclosures for each offer before you apply.

• Average Credit Card Debt by Country
• Average Credit Card Debt by Year
• Average Credit Card Debt by Household
• Average Credit Card Debt by State
• Average Credit Card Debt in America

¹ https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
² https://www.experian.com/blogs/ask-experian/state-of-credit-cards/
³ https://www.investopedia.com/average-credit-scores-by-age-5214511
⁴ https://www.newyorkfed.org/microeconomics/hhdc