Millennials Outspend Boomers on Credit Cards

The financial behavior of American consumers is shifting notably, with millennials surpassing baby boomers in credit card spending over the third quarter.
As detailed in TransUnion’s Q3 2023 Credit Industry Insights Report, in the third quarter bankcard balances hit an unprecedented high of $995 billion, up 15 percent year-over year.
The average consumer balance soared to $6,088, an 11% spike—setting a 10-year record, TransUnion’s report says. And the balance share of millennials—those aged 27 to 42—climbed past that of baby boomers, positioning them behind only Gen X in terms of credit utilization.
The findings signal a broader trend of credit reliance amid escalating costs of living and challenges in the housing market.
Comparative studies from earlier this year showed that 45 percent of millennials owe more on credit cards than liquid money they’ve saved for emergencies, indicating a shift in financial priorities.
Charlie Wise, senior vice president of global research and consulting at TransUnion, said that while inflation has cooled in recent months, still-high prices have forced consumers to tap into existing credit lines.