Gen Z Have The Most Maxed-Out Credit Cards 💳

What We're Showing

The share of U.S. adults in each generation (Gen Z, Millennials, Gen X, and Baby Boomers) that have maxed-out credit cards as of Q1 2024.

The chart also shows each generation's median credit limit and median balance as of Q1 2024.

Generations are defined as:

• Baby Boomers: 1946 to 1964
• Gen X: 1965 to 1979
• Millennials: 1980 to 1994
• Gen Z: 1995 to 2011

Maxed-out denotes borrowers who have 90% or higher utilization across all credit cards. Data comes from the Federal Reserve Bank of New York.

Gen Z Card Users Most Likely To Be Maxed Out

Younger credit card users typically have higher utilization rates, with this trend decreasing among older generations.

As of the first quarter of 2024, less than 5% of Baby Boomers have maxed out their credit cards.

However, Gen Z borrowers have lower median credit limits, averaging $4,500, compared to $16,300 for Millennials and $22,000 for Baby Boomers.

This disparity is largely due to Gen Z's shorter credit histories, which result in lower credit scores, as well as generally lower income.