How healthy is your credit? Knowing how others in your age group are doing credit-wise may help you put your own credit status into perspective.
In 2013, Experian completed its Fourth Annual State of Credit study – research that provides insight into the credit lives of four key generations: the Greatest Generation, baby boomers, Generation X, and Millennials. The study examined credit scores, number of credit cards held, how much is being spent on those cards, and the occurrence of late payments.
Here’s what we found:
While the State of Credit for Americans overall is very healthy, younger generations have room for improvement. And regardless of your age or geographic location, positive credit behaviors – such as paying bills on time and managing credit card use – might help credit standing.
Here are some key findings, broken down by generation:
The Greatest Generation (66 and older)
Baby Boomers (47 to 65)
Generation X (30 to 46)
Millennials (19 to 29)
What can you take away from this information? Regardless of your age or where you live, it’s important to educate yourself about financial health and credit usage. Practicing good credit habits can pay off, no matter what generation or location you call your own.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc. © 2013 ConsumerInfo.com, Inc. All rights reserved.