What age group has the most credit cards?
Isabella Turner
Updated on January 22, 2026
Card ownership by age Older consumers tend to carry the most cards. According to Experian, in the third quarter of 2020, baby boomers – those between 56-74 – carried, on average, 4.61 cards followed by: Generation X – those between 40-55 – who carried 4.23 cards on average.
What age group do credit card companies target?
By marketing to younger consumers — the average age that younger consumers, under 35, begin using cards is 20.8 years – and Asian Americans, companies in this industry can increase sales.
How old do people get credit cards?
18
How old do you have to be to get a credit card? You can be an authorized user as young as 13, but you have to be 18 to sign up for your first credit card on your own. When you’re ready for this step, you’ll need to be prepared to show some documentation.
Can 18 year olds get their own credit card?
Legally, you can get a credit card at age 18, but it’s not as easy for young adults to get a credit card for the first time as it used to be. That’s because the Feds passed a law requiring credit card issuers to ensure young adults under 21 have the income to pay a credit card balance.
Why do people 45 54 have the most credit card debt?
However, it’s actually 45-54-year-olds who have the highest levels of dangerous debt, according to new research. The report suggests that this factor could be leading to higher debt with older people more likely to feel they can spend more and pay off balances with ease, even if their optimism proves wrong.
What are the 2 steps to getting out of credit card debt?
5 Simple Ways to Get Out of Credit Card Debt Faster
- Learn your interest rates and pay off highest-rate cards first.
- Double your minimum payment.
- Apply any extra money in your budget to your payment.
- Split your payment in half and pay twice.
- Transfer your balance to a 0% credit card.
What are the three C’s to earn good credit?
The factors that determine your credit score are called The Three C’s of Credit – Character, Capital and Capacity. These are areas a creditor looks at prior to making a decision about whether to take you on as a borrower.
What’s the average age of a credit card?
In general, the longer you’ve been using credit, the better your average account age will be. This is why most personal finance guides will advise you against closing old accounts or credit cards after paying down the balances — older accounts (in good standing) look, well, good on your credit report. How?
Which is the highest age group for credit card debt?
The level of credit card debt varies among states and age groups, with those between 45 and 54 years having the highest level of debt in 2018. This text provides general information. Statista assumes no liability for the information given being complete or correct.
What’s the average credit card debt for baby boomers?
Baby boomers (ages 56 to 74) lowered card debt by 12% to an average of $6,043 3 while Gen Xers (ages 40 to 55) reduced theirs by the same percentage to an average of $7,155 3.
How much credit card debt does the average Millennial have?
On top of that, millennials appear to rack up debt with age. In Q1 2019, 23-year-old millennials had on average $2,288 in credit card debt while 38-year old millennials had on average $6,675 in credit card debt. 11 Experian: Men vs. Women: Who Wins the Credit Game?
