12 Cities Where Gen Z and Millennial Credit Card Balances Are Increasing the Most
Credit card debt is arguably one of the worst forms of debt to have. It typically carries an extraordinarily high interest rate and debt can quickly snowball out of control if you’re not careful with your spending. This can lead to a mountain of debt that buries you financially. Today, many Americans find themselves in this situation — credit card debt is on the rise nationwide.
Check Out: Warren Buffett — 10 Things Poor People Waste Money On
Read Next: 6 Money Moves You Must Make If You Want To Be Like the Wealthy
According to the Federal Reserve Bank of New York, total U.S. household debt rose by $109 billion to reach $17.80 trillion as of Q2 2024. What’s more? Credit card balances increased by a whopping $27 billion, reaching a total of $1.14 trillion.
One huge driver behind ballooning credit card debt: inflation — the U.S. Bureau of Labor Statistics indicated that consumer prices rose 3% between June 2023 to June 2024 alone. The reality is that the cost of living is up and more people are leaning on credit cards to make ends meet.
You might be wondering who finds themselves in the most credit card debt. Well, two generations in particular are seeing their credit card debt increase the most: Gen Z and millennials. In some U.S. metro areas, these generations have a particularly high average credit card balance.
Learn More: I’m a Self-Made Millionaire, but I Still Opt For the Budget Versions of These 6 Items
12 Metro Areas Where Credit Card Debt for Gen Z and Millennials Is On The Rise
Here are 12 cities where Gen Z and millennial credit card balances are increasing the most, according to an analysis by Experian:
1. Augusta, Georgia
Average Gen Z credit card balance: $3,172
Annual % increase: 14.7%
Average millennial credit card balance: $6,533
Annual % increase: 11.9%
2. Charleston, South Carolina
Average Gen Z credit card balance: $3,994
Annual % increase: 12.5%
Average millennial credit card balance: $7,494
Annual % increase: 11.1%
3. Charlotte, North Carolina
Average Gen Z credit card balance: $3,610
Annual % increase: 11.5%
Average Millennial credit card balance: $7,075
Annual % increase: 11.1%
4. Fayetteville, Arizona
Average Gen Z credit card balance: $3,381
Annual % increase: 13.4%
Average Millennial credit card balance: $6,386
Annual % increase: 11.4%
5. Honolulu, Hawaii
Average Gen Z credit card balance: $4,231
Annual % increase: 12.8%
Average Millennial credit card balance: $8,016
Annual % increase: 10.0%
6. Huntsville, Alabama
Average Gen Z credit card balance: $3,231
Annual % increase: 11.0%
Average Millennial credit card balance: $6,498
Annual % increase: 12.1%
7. Lakeland, Florida
Average Gen Z credit card balance: $3,305
Annual % increase: 10.6%
Average Millennial credit card balance: $6,579
Annual % increase: 11.3%
8. Oxnard, California
Average Gen Z credit card balance: $3,857
Annual % increase: 10.2%
Average Millennial credit card balance: $7,464
Annual % increase: 12.2%
9. Palm Bay, Florida
Average Gen Z credit card balance: $3,353
Annual % increase: 12.5%
Average Millennial credit card balance: $7,031
Annual % increase: 12.2%
10. Provo, Utah
Average Gen Z credit card balance: $2,788
Annual % increase: 13.5%
Average Millennial credit card balance: $6,997
Annual % increase: 11.5%
11. San Francisco, California
Average Gen Z credit card balance: $3,882
Annual % increase: 10.2%
Average Millennial credit card balance: $7,236
Annual % increase: 10.0%
12. Tucson, Arizona
Average Gen Z credit card balance: $3,063
Annual % increase: 10.2%
Average Millennial credit card balance: $6,524
Annual % increase: 10.3%
More From GOBankingRates
6 Subtly Genius Moves All Wealthy People Make With Their Money
Shop Online? Here's How to Get 3% Cash Back For Things You Already Buy
What a Trump Presidency Could Mean for Social Security in 2025
This article originally appeared on GOBankingRates.com: 12 Cities Where Gen Z and Millennial Credit Card Balances Are Increasing the Most
