Question of the Day: What is the average credit card debt held by Gen Z?
Let's see how well Gen Z has avoided credit card debt...
- Why might Gen Z have lower credit card debt than other generations?
- Do you think young people with credit cards expect to go into debt? Explain.
- Do you have a credit card? Why or why not? If so, are you able to pay off the balance every month?
- How can carrying credit card debt month to month negatively impact your financial health?
Behind the numbers (The Ascent):
"Generation X carries the highest average credit card balance at $7,236. That's over $1,000 more than baby boomers, who came in second with an average balance of $6,230.
The lowest average credit card debt by age was Generation Z with $2,312. Since young adults have lower incomes on average, they also have a lower average credit limit, which at least helps with avoiding credit card debt."
Want to access more Credit-focused activities and resources? Check out the Types of Credit unit page.
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