economy came to a pandemic-induced halt in the spring of 2020, their credit card debt has grown more on average, while older generations have seen reductions in average credit card debt balances, according to Experian.
All adults under the age of 42 are accounted for among millennials and Generation Z—the oldest members of Gen Z are turning 25 this year and the oldest millennials are turning 41. It's these younger Americans whose average credit card debt has increased the most compared to other generations over the past two years.
Youngest generations see fastest credit card balance growth during pandemic Since the start of the COVID-19 pandemic, the credit card debt for Gen Z and millennials has grown at a faster rate than other generations. Credit utilization ratios increased for Gen Z and millennials Looking at credit utilization, which measures credit card balances against credit limits, baby boomers and those in the Silent Generation use the least amount of their available credit on average compared with other generations.
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