The use of credit card has been pretty much popular in many parts of the world. Getting to know the average one could give you the picture of how credit card debt is in certain place. In fact, you should be able to learn from it by state, age, income, gender, and race. Let’s take one example from the average credit card debt for 30 years old in the United States. There is much we can actually learn from the average credit card debt by age. Let’s just get down to it and see how it really is in the US.
How Much the Debt Is for Every Age Range
Based on the data gathered, the average credit card debt for 30 years old or any age less than 35 is as little as $5,808. Is it the smallest debt number and the smallest age range in the United States then? Well, we need to look into how the other age ranges go to answer that. For 35 to 44 years old, the average debt is $8,235. For 45 to 54 years old, it is $9,096 approximately. For 55 to 64 years old, it is about $8,158. After the average credit card debt for 30 years old, you see the amount of debt is not consistent. It does not keep rising too.
For 65 to 69 years old, the debt is around $6,876. For 70 to 74 years old, it is $6,465. As for 75 and over, it is about $5,635. From this data, we can conclude that credit card debt from 30 years old does rise. The average debt is at its max with the borrowers aging from 45 to 54 years old. However, it goes down as they get older from this point. We even get the smaller amount of debt than the average credit card debt for 30 years old, making it the smallest one in the data in the United States.
What We Can Learn from That Very Data
People have their own needs in life. However, personally they would find the need to use credit card once they reach adulthood. That is why the borrowers start from about 30 year old individuals. From that age forward, people’ needs just keep rising. The average credit card debt for 30 years old rises for all sorts of needs. This is the age range where people raise family of their own, enroll the children to school, and many more. That is the reason why the average credit card debt for 30 years old to 40 years old is pretty high. You see it, right?
Then, as people grow older, the kids are growing up into adulthood and eventually they come out, earning their own money and having family of their own. Older people won’t have that much expense at such time. That is why the amount of the average debt is dropping and becomes smaller than the credit card debt for 30 years old in average. Be it the average credit card debt for 30 years old or for the older ones, you know the needs in our life determine the average debt we would ask.