While most people in Tennessee experience credit card debt at some point in their lives, it appears that how much a person has may be tied to their age group. A survey was conducted, reports GO Banking Rates, and the results were broken down by age categories.
Generation X is considered anyone who is currently between the ages of 35 and 54. Interestingly, it was found that there was a difference between those on the younger end of this age spectrum and those who are older. 42 percent of older Generation Xers reported having credit card debt and the average amount owed was $2,000. In contrast, younger Generation Xers had a median of $4,000 in credit card and 46 percent reported having credit card balances.
Falling right in the middle of those two groups were the baby boomers, aged 55 to 64. Roughly one-third of people in this age group reported having credit card debt and the average amount was $3,000. At the low end of the scale, adults 65 and older had a median credit card of only $1,600.
The survey also looked at how younger millennials compared to older millennials. The older millennials, people between the ages of 25 and 34, reported an average of $2,000 in credit card debt. However, the younger adults reported only $587. Some have argued that millennials are more careful with their money, having watched older generations deal with a struggling economy. However, according to Bankrate, this could actually be hurting some millennials. Eschewing credit cards altogether means that those people have no credit history. This leads to lower credit scores and therefore, many of those who want to have a credit card are finding themselves being denied.