The Average Credit Card Debt by Age

Bank card debt is one thing many individuals use to make ends meet — even moreso once they’re being squeezed by stubbornly excessive inflation.

Whereas some people handle to by no means carry a stability and utterly keep away from paying curiosity prices, others wrestle fairly a bit to maintain up. The Federal Reserve maintains information on the typical bank card debt and breaks it down into completely different age brackets. This supplies a generational snapshot of bank card debt over time.

Following is a take a look at the newest common bank card debt for every group of working age people.

18- to 29-year-olds

Common bank card debt for this age bracket in Q3 2022: $1,708

Common bank card debt for this age bracket in Q3 2021: $1,347

Younger adults recent out of faculty, presumably in search of that first job, renting their first condominium, or shopping for their first automotive, don’t have entry to as a lot credit score as older People usually do. However additionally they are inclined to have much less in financial savings and are sometimes nonetheless studying good monetary habits.

30- to 59-year-olds

Common bank card debt for this age bracket in Q3 2022: $4,412

Common bank card debt for this age bracket in Q3 2021: $3,812

This age bracket is full of people that’ve typically hit a stride of their profession and revel in larger incomes. They’re typically able to afford among the costlier and finer issues in life — together with kids. That will imply leaning a little bit extra closely on the bank cards.

60- to 79-year-olds

Common bank card debt for this age bracket in Q3 2022: $3,284

Common bank card debt for this age bracket in Q3 2021: $3,034

Adults over age 60, if not retired but, are most likely wanting ahead to it. Many are chipping away at their mortgage and different money owed in anticipation of diminished revenue and the prospect for hard-earned, debt-free leisure. However they will not be there as quickly as they’d like.

How one can handle bank card debt

Bank card debt generally is a problem at any age and at any revenue degree. Paying it off requires planning and sometimes some short-term sacrifice, however the methods are the identical for everybody, as we clarify in “The Greatest Technique to Kill Off Credit score Card Debt.”

However typically individuals get in over their head, and it might be via no fault of their very own. When you or someone you recognize wants assist managing their debt, go to the Cash Talks Information Options Middle, the place you’ll discover free skilled assist.