NEW YORK—Which Americans have the highest levels of credit card debt?
It’s not Millennials.
According to a new study by ValuePenguin, 45- to 54-year-olds have the highest level of credit card debt among all age groups, with the average borrower in that range owing more than $9,000. The report reveals that this demographic carries an average of $3,000 more in credit card debt than Millennials.
An analysis of the study in The Motley Fool suggested that the reason for the big gap in credit balances among these older Americans and Millennials could be the higher wages earned by the more senior consumers, and also the fact they have larger expenses to contend with, such as mortgage payments, home repairs, and paying for their children’s college education.