Tag Archives: Baby Boomers

Millennials Carrying Less Debt, But Have Trouble Paying Bills

Although Millennials have fewer credit cards than older generations, and a lower credit card balance than the national average, they are struggling to pay bills.

According to this Wall Street Journal article, here is a breakdown of number of credit cards (on average) by generation:

  • Millennials: (ages 19 to 29): 1.5 credit cards
  • Gen X (ages 30 to 46): 2 credit cards
  • Baby Boomers (ages 47-65): 2.7 cards of Baby Boomers

Millennials: also carry less less debt:

  • Millennials: $2,700
  • National average: $4,500
  • Gen X and Baby Boomers (ages 30-65) $5,300

According to the article, Millennials appear to struggle with paying their bills (and it doesn’t matter if it’s credit cards, auto loans, or student loans). Millennials also have “the worst credit habits.”

Read more:
Wall Street Journal: Millennials Wary of Borrowing, Struggle With Debt Management