State of Credit Report Offers Credit Health Clues for All Ages

Published on Dec 10, 2013 06:15 am

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)

  • The average amount of this generation debt is $23,245
  • The greatest generation holds an average of $3,044 of credit card debt
  • Average credit utilization is a healthy 16%
  • They balance their debt well, logging the fewest late payments


Baby Boomers (47 to 65)

  • The overall average baby boomer is in $29,317 amount of debt
  • They have more bankcards than other generations with an average of 2.66 bankcards
  • They also have the highest average balance of all generations, with an average $5,347 in credit card debt
  • However, they handle their credit usage well and only use an average of 30% of their available credit


Generation X (30 to 46)

  • Their average debt amount is $30,039 – 7.7 percent higher than the national average. It’s the highest of all generations.
  • They hold almost the same number of bankcards (2.13) and almost the same amount of credit card debt as baby boomers at  an average of $5,343
  • However, they also have the highest occurrence of late payments compared to other generations
  • They are also tied with the Millennials for the highest average debt utilization with an average 37% available credit used


Millennials (19 to 29)

  • They are quickly racking up as much debt as other generations, with an average of $23,332 of debt
  • They also have the lowest number of bankcards, with an average of 1.57 and the lowest amount of credit card debt of $2,682
  • However, they are also tied with Generation X for having the highest amount of debt used with an average 37% available credit used
  • They also seem to be developing bad credit habits, such as paying bills late, which likely impact their credit scores.


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.








state of credit baby boomers






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, Inc.  © 2013, Inc.  All rights reserved.

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