Millennials faced a difficult entry into adulthood. Many came of age during the housing crisis and the Great Recession, facing scarce jobs and crushing student loan debt. It makes sense that Millennials would be wary of taking on more debt – and Experian’s most recent State of Credit Report backs that up.
According to Experian’s report, Millennials held an average of $4,315 in credit card balances in 2017 – far less than Baby Boomers ($7,550) and Gen Xers ($7,750). Even Silent Generation members had more average credit card debt at $4,613. Only the younger Generation Z held lower credit card debt ($2,047), probably because they haven’t had time or sufficient credit limits to rack up large balances.
However, being credit averse doesn’t mean you cut off credit card…