The millennial generation (people in the age range 23-38) increased their average credit card debt by 7% in the past year. This is the second-largest increase in credit card debt among all generations. Experian examined millennial credit card usage and compared it to determine how the generation spent compared to its peers.

Did you know?

• In Q1 of 2019, millennials carried an average of $4,712 per borrower.
• While that is less than the national average of $5,474, they have seen one of the largest increases in the past year.
• Generation Z (ages 18-22), saw the biggest average increase of credit card debt from $1,851 to $2,057 (11%), since Q1 2018.
• As millennials age, their credit card debt increases: in Q1 2019 age 23, carried an average balance of $2,288 while age 38, carried an average balance of $6,675.
• Millennials in New Jersey have the 4th largest credit card debt in the country, with an average balance of $5,288.

Check out the full research article here: https://www.experian.com/blogs/ask-experian/research/millennials-and-credit-card-debt-study/