Here's how much credit card debt Americans have by age—and which generation owes the most

The average credit card balance for Gen Xers, defined at those between the ages of 43 and 58, rose to $9,123 in the third quarter of 2023, according to. That marks the highest average credit card balance of any generational cohort.

Here's the average amount of credit card debt Americans hold by age as of the third quarter of 2023, according to Experian. A couple of factors may be contributing to the rise in credit card balances among all generations. The higher costs of electricity, auto insurance and heating combined with rising credit card interest rates may mean people have less money to chip away at their debt, Experian reports.If you find yourself struggling to pay down your credit card debt, get a clear picture of your finances first. That means taking a look at how much you owe on your credit cards and how much money you earn each month.

Next, make a plan to tackle your debt. You have a number of strategies to choose from depending on your situation. Here are two popular options:: After making the minimum payments on all of your cards, dedicate any extra funds to the card with the, then work your way up to paying down your largest balance. With this strategy, you rack up small victories in the beginning as you clear your lower balances, which can help motivate you to continue to pay down your larger ones..

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