The ‘sandwich generation’ is racking up an average of $7,000 on their credit car...
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The ‘sandwich generation’ is racking up an average of $7,000 on their credit cards as the Americans' total balances spike to $930 billion — here are 4 ways to dig your way out of debt faster
data out from Bank of America
Credit card balances hit record levels at the end of last year, and experts are predicting they will only continue to increase over 2023.
“Whether it’s shopping for a new car or buying eggs in the grocery store, consumers continue to be impacted in ways big and small by both high inflation and the interest rate hikes implemented by the Federal Reserve, which we anticipate may continue for at least a few more months,” Michele Raneri, vice president of U.S. research and consulting at TransUnion, said in a press release.
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The release from the credit reporting agency also showed total credit card balances in the U.S. hit $930 billion in the fourth quarter of 2022. This marks an 18.5% increase over Q4 of 2021 when balances were sitting at $785 billion.
However, just how much you owe on your card could vary depending on what generation you were born into. A study from life insurance company New York Life found that Gen X actually has the most credit card debt, at an average of $7,004 per person.
But no matter your age, if you’re buried in bills, there are things you can do to help dig your way out faster.
How much does each generation owe?
Gen X is racking up the bills, with over $7,000 in credit card debt — and the boomers aren’t far behind.
According to the New York Life study, here’s how much each generation owes on average:
Gen Z: $2,876
Millennials: $5,928
Gen X: $7,004
Baby boomers: $6,785
Raneri tells Moneywise that Gen X is in their high earning years in their careers. “I think that they're getting just more money in general, and spending more money.”
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