More Gen Z credit card holders are maxed out than in older gens. Only 15% of Gen Z credit card holders have used 90% or more of their total credit limit—considering them “maxed out” by the Federal Reserve Bank of New York—but their lower credit limits are likely a main factor. Gen Z’s average credit limit stands at $4.5K compared to Millennials’ average of $16.3K, with 12% of Millennials also being maxed out on that limit. Meanwhile, only 9.6% of Gen X are maxed out of their $21.8K average limit and 4.8% of Boomers on a $22K average limit. And according to Bank of America, only 24% of Gen Z say that their income is sufficient for basic living expenses, often leaving little or no room for entertainment or discretionary spending. However, Gen Z still prioritizes spending on experiences—at a rate much higher than other gens. (Audacy)
📊 YPulse data: 20% of 18-24-year-olds hold credit card debt
