Younger generations are widely thought to be averse to credit, but according to recent data from Experian, the tides might be changing.
1. Millennials (ages 23 – 38) carry an average credit card debt of $4,712, a 7% increase in the past year.
2. Generation Z (ages 18 – 22) carry an average credit card debt of $2,057, an 11% in the past year.
Both are still lower than the national average of $5,474, but quickly making up the deficit – increasing debt faster than other age groups.
More information and analysis coming soon at MikeaboutMoney.com