 TITLE: How Many People Have Credit Card Debt? CONTENT: Average American Credit Card Debt by Generation\n-----------------------------------------------\nThough members of all generations carry credit card debt, some have more than others. Like other debts, credit card balances tend to increase as people grow older—peaking around the early 50s before tapering off as a person ages.\nFollowing that pattern, members of Generation X—which includes people ages 40 to 55—have the highest debt of any generation, carrying an average credit card balance of $7,155, according to Experian data from Q3 2020.\nGeneration Z adults—the youngest age group in our analysis, consisting of people ages 18 to 23—have the lowest debt, with an average credit card balance of $1,963. Their average balance has seen the smallest decrease since last year, dropping just 6%.\n*   **Generation Z (18-23)**: $1,963 (down 6% from 2019)\n*   **Millennials (24-39)**: $4,322 (down 11% from 2019)\n*   **Generation X (40-55)**: $7,155 (down 12% from 2019)\n*   **Baby Boomers (56-74)**: $6,043 (down 12% from 2019)\n*   **Silent Generation (75+)**: $3,77 (down 16% from 2019)\nOverall, members of the older generations reduced their debt more than younger Americans. The silent generation—the oldest generation in our analysis—saw a 16% drop since 2019. END