Gen X has the highest average credit card debt of any generation group

3/29/2023

Gen X has the highest average credit card debt of any generation group, estimated to be $8,266, per Bloomberg.

Gen Z had an average credit card debt of $2,781 in Q4 of 2022, marking a 5.90% jump from the three months through May, the biggest increase compared to all other generations.

Per Bloomberg:

While the average credit card debt was the lowest for younger borrowers at $2,781, the growth outpaced all other generations at 5.9%. Gen Z drivers also saw the largest increase in auto loan debts at 2.3%.

Notably, 57% of Americans can’t afford a $1,000 emergency expense, per Forbes Reporting.

According to two new Bankrate.com surveys, also, 57% of U.S. adults are unable to afford a $1,000 emergency expense and 35% of U.S. adults carry credit card debt from month to month, up from 29% last year. One in four or 25% of Americans would put that $1,000 unexpected expense on a credit card and pay it off over time, which is the highest seen in the nine years of polling.

Read more: https://unusualwhales.com/news/57-of-americans-cant-afford-a-1-000-emergency-expense

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