A generational survey of credit card debt finds that grandma probably doesn’t carry a balance, but Junior does.
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The online survey of more than 1,600 credit card holders found that about 6 in 10 millennials – ages 19-36 in this study – revolve their debt by paying less than their total credit card balances each month.
But in moving up the generational ladder, the percent drops to 54 percent of Generation X who carry a balance, and then 41 percent for baby boomers. By the time you get to the senior generation, less than a quarter (24 percent) are leaving card debt unpaid at the end of the month.
The research and advisory company Aite Group conducted its online survey of 1,669 credit card holders in January 2018. After weighting the results to mirror U.S. population demographics, Aite released its findings April 19, 2018.