Credit Cards

Average credit card debt by age, location and credit score

average-credit-card-debt.jpg_thump

On average, people hold around $3,100 in credit card debt, according to a Credit Karma analysis.

But there’s some variation in average credit card debt when you break it down by generation, location or credit score range. Our study found that …

  • By age group, Gen X members carry the highest average credit card debt per person (about $3,800), followed closely by Baby Boomers (nearly $3,600).
  • By credit score range, those with TransUnion VantageScore 3.0 credit scores of 500 to 579 had the heaviest credit card debt on average (nearly $4,600).

Total U.S. credit card debt hit a record high at the end of 2018, slightly surpassing a peak last seen in 2008, during the recession. Our analysis aimed to create a more-detailed picture of credit card debt, looking at different groups of Credit Karma members. (Learn more about our methodology.)

Want to know more?

Key findings: Average credit card debt by group

Credit Karma members overall carry an average $3,123 in credit card debt per person.
Across age groups, Gen X members have the highest average credit card debt per person at $3,823, followed by Baby Boomers ($3,556) and millennials ($2,662).
Average credit card debt among members is highest in Virginia Beach at $4,380, almost twice the average credit card debt in Detroit, which has the lowest average credit card debt at $2,315.
Looking at credit profiles, people with TransUnion VantageScore 3.0 scores from 500 to 579 carry the highest average credit card debt per person at $4,577 — while those with the strongest credit scores (760+) carry nearly half that amount.

Age and average credit card debt

Looking at the chart below, you can see that Credit Karma members across generations carry upwards of $1,000 to multiple thousands of dollars in credit card debt on average.

Perhaps because of their younger age, Gen Z members (ages 18 to 24) carry the lowest credit card debt burden — an average of $1,358 per person — compared to other generations.

By comparison, Gen X members carry nearly triple the average credit card debt per person at $3,823. That’s equivalent to about four months of median mortgage payments in the U.S., according to the U.S. Census Bureau’s biennial American Housing Survey from 2017.

Credit card debt stats for Credit Karma members by generation
Generation Average credit card debt
Gen Z $1,358
Millennials $2,662
Gen X $3,823
Baby Boomers $3,556

A pie chart shows the breakdown of total credit card debt by generation

Based on Credit Karma members with credit card debt in March 2019

Cities with the highest and lowest average credit card debt

Looking at the 100 most populous cities in the U.S., we found that Credit Karma members in coastal Virginian communities are among those with the highest average credit card debt per person.

Credit Karma members in Virginia Beach, Virginia have the highest average credit card debt, at $4,380 per person, followed by Chesapeake, Virginia. On the flip side, Credit Karma members in Detroit, Michigan have the lowest average credit card debt at $2,315 each.

10 cities where Credit Karma members have the highest average credit card debt
Rank City Average credit card debt per person
1 Virginia Beach, VA $4,380
2 Chesapeake, VA $4,360
3 Scottsdale, AZ $4,082
4 Anchorage, AK $4,049
5 Irvine, CA $3,903
6 Chula Vista, CA $3,770
7 Plano, TX $3,753
8 Norfolk, VA $3,749
9 Honolulu, HI $3,701
10 Gilbert, AZ $3,625

Read More>>

 

Source:- creditkarma