During the past two years, credit card balances of younger generations have grown at a faster rate than for older generations. From June 2020 to March 2022, the average credit card balance for Generation Z grew from $1,947 to $2,443 — more than a 25% increase. The average credit card balance for millennials grew from $4,331 to $4,930 during that same period — close to a 14% increase.
On the opposite side of the spectrum, older generations spent the past two years paying down their credit card debt, leading to a decline in their balances. The average credit card balance of baby boomers dropped more than 6%, while the silent generation’s average balance dropped more than 4%.
The national average FICO score in 2022. Baby boomers and the silent generation had scores higher than the national average, while other generations had lower-than-average scores.
Average Credit Card Balance by Generation