NEW YORK—The average American has three credit cards with a median combined limit of $9,500, according to a new survey about credit card preferences and habits by The Ascent.
However, there’s quite a bit of variation among different age groups, the report shows.
“It shouldn’t come as much of a surprise that Generation Xers, on average, have the highest credit limits. After all, this is loosely defined as Americans between the ages of 38 and 55 in 2019 -- so they are largely in their peak earning—and spending—years,” The Ascent stated.
It also shouldn’t come as a surprise that Generation Xers are the most likely to have credit card debt, the report added.
“People in their 40s and 50s are more likely to have kids in college, own homes, and have generally higher expenses. According to the survey, 67.6% of Generation Xers have credit card debt, compared with 65.6% of baby boomers and 56.7% of Millennials,” the report noted.
Booming Debt
“However, the average Baby Boomer owes the most. The average member of this generation, those between about 55 and 73 years of age, owes $6,800 on their credit cards, a bit higher than the average $6,627 tab owed by Generation Xers and well above the $5,453 average credit card debt of a Millennial,” The Ascent said. “However, only 39.3% of Baby Boomers have ever maxed out a credit card – while more than 50% of both the younger generations have done so.”
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