ATLANTA — Members of Generation X are carrying the highest average credit card balances of any generation as many approach retirement age.
New Federal Reserve data highlighted in a WalletHub analysis found Gen X consumers, now in their 40s and 50s, carry average credit card balances of nearly $9,600.
Reporter Monica Nelson said experts believe many Gen X consumers are facing financial pressure from both younger and older family members.
“Experts say it’s because they are stuck between kids who need money and parents who need more money,” Nelson said.
According to the report, Gen X credit card debt is nearly $3,000 higher on average than the balances carried by millennials and baby boomers.
The report noted many Gen X consumers are balancing support for adult children while also helping aging parents financially.
