Yahoo Finance Here’s How Much Gen Z Has in Credit Card Debt in Each State
Gen Z is often known as the generation who’s financially insecure and unsure, characterized by careless spending and being deep in debt. Well, this characterization might have a ring of truth to it: the average Gen Zer credit card debt is on the rise.
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In a recent Experian study, they took a look at the leading edge of Generation Z, those between 18 and 26 years old as of Q3 2023.
Starting with the good news, the average Gen Z credit score is also on the rise. Here’s how the current average FICO score and credit card debt for Gen Zers shakes out:
Average FICO Score: 680
Average credit card balance: $3,262
To put these figures into perspective, the average Gen Z FICO score is up 6 points from an average of 674 in 2020. This lands the average Gen Zer 35 points short of the national average credit score of 715. According to FICO, this puts the average Gen Zer in the “good” range, which starts at 670.
However, their credit card debt is up from an average of $2,854 in 2022. This represents a whopping 14.3% increase in just one year.
It’s worth noting that the average credit card of every other generation is also on the rise, up through and including the Silent Generation (age 78+). The current average credit card debt of all U.S. consumers hovers at around $6,501.
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Gen Z Is Embracing Buy Now, Pay Later Services
Just about everything costs more these days: housing, groceries, utilities, and more. So, it’s not surprising news that Gen Z is one of the biggest adopters of buy now, pay later (BNPL) services these days. However, other generations are catching up too. Buy now pay later service Afterpay reported that three-quarters of both Gen Zers and Millennials reported using buy now, pay later in the past month. This is compared with just half of Gen Xers.
Average Credit Gen Z Credit Card Debt By State
Here’s the average Gen X credit card debt by state, according to recent data from Experian:
Alabama: $2,878
Alaska: $3,292
Arizona: $3,319
Arkansas: $2,753
California: $3,516
Colorado: $3,559
Connecticut: $3,634
Delaware: $3,202
Florida: $3,721
Georgia: $3,371
Hawaii: $3,793
Idaho: $2,667
Illinois: $3,201
Indiana: $2,666
Iowa: $2,514
Kansas: $2,896
Kentucky: $2,590
Louisiana: $2,864
Maine: $2,764
Maryland: $3,385
Massachusetts: $3,390
Michigan: $2,769
Minnesota: $2,877
Mississippi: $2,585
Missouri: $2,798
Montana: $2,954
Nebraska: $2,738
Nevada: $3,587
New Hampshire: $3,186
New Jersey: $3,671
New Mexico: $2,890
New York: $3,845
North Carolina: $3,103
North Dakota: $2,907
Ohio: $2,742
Oklahoma: $2,907
Oregon: $2,944
Pennsylvania: $2,957
Rhode Island: $3,274
South Carolina: $3,001
South Dakota: $2,631
Tennessee: $3,031
Texas: $3,466
Utah: $2,764
Vermont: $3,454
Virginia: $2,915
Washington: $3,243
West Virginia: $2,702
Wisconsin: $2,524
Wyoming: $2,928
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This article originally appeared on GOBankingRates.com: Here’s How Much Gen Z Has in Credit Card Debt in Each State
