Speaking about the average credit card debt of borrowers, the answer depends on the category you refer it to. Are you asking about the average credit card debt by age? When it comes to age, how it goes in one state might be similar to how it is in other states. Let’s take the example from American residents in 2018 then. By knowing the debt in average in US, you should be able to get rough insight of how it goes in the country where you live for sure. You will understand more about it here below.
How Much the Americans Owe by Age
The average credit card debt by age starts from borrowers under the age of 35. Those who are in this age typically owe about $67,400. Starting from this age, there is a raise to what they owe. Borrowers aging 35 to 44 years old could owe as much as $133,100. By 45 to 54, there is still a little bit of rise from it. They would owe around $134,600. From here, it is where the average credit card debt by age goes down. People who are 55 to 64 years old would only owe as much as $108, 300.
While this is still big debt, it falls between borrowers under 35 and those around 35 and 44. The average debt of borrowers’ credit card goes way down from it. By the age of 65 to 74 years old, people tend to owe about $66,000 only. Those who are 75 years old or more are the ones who owe the smallest amount of debt of all. The average credit card debt by age ends with those people owing merely $34,500. Are you included in one of them? These ranges are to be expected actually.
The Reasons Behind the Ups and Downs
As it was seen above, there are ups and downs in the average credit card debt by age in US in 2018. Have you ever thought how it can be so? You see, life trend is pretty much the same everywhere. Starting from the age of 35, people have children and start spending money to raise them. The spending can be from buying new home to even paying their tuition. That is why the average credit card debt by age is at its top when people are aging from 45 to 54 years old. It is pretty common.
Most people in this world typically have their own family to raise and feed around that age range. Also, this range is the time when people are well established in their career. Since they earn more from raises and promotions, they tend to feel more comfortable and safer to take on debt. Even this fact of credit card debt by age in average is more or less the same everywhere, right? From this, we can say that the average credit card debt by age applies universally. The peak is often at 45 to 54.