Millennials have some of the worst credit ratings, a new Experian report finds. FICO scores averaged 665 in the fourth quarter for people aged 23 to 38, the data show, compared with a national average of 701. Millennials tied for lowest average score with Generation Z, which includes people between the ages of 18 and 22 and is the youngest group eligible for a credit card. Consumers in their 70s and older had the highest average score, 756, while Baby Boomers ranked next best with an average score of 732. The report also noted that Millennials are financially worse off than they were the year before. They have average total debt of $80,666, up 11 percent from 2017; an average of $34,770 in student loan debt, up 8 percent; and an average credit card balance of $5,231, up 7 percent.
Similar Posts
Loans Get Cheaper for Some
Borrowing costs have trended lower for some U.S. consumers in recent months, especially home buyers….
Optimism About Personal Finances Hits 16-year High: Gallup
Americans are now more upbeat about their personal finances than they have been in 16-plus…
The Transformation of Automobile Purchase: 5 Significant Shifts
The automotive industry underwent a substantial shift during the global pandemic, presenting a myriad of…
3 straight months of highest-ever used-car prices
Following an 11-week “summer bounce” in Manheim Market Report prices, September ended up being the…
Boomerang Buyers: More People Who Lost Homes During Housing Crisis Are Buying Again
More people who lost homes to foreclosure or short sale during the housing crisis may…
FHA is making more mortgages available to applicants with risky debt profiles
Is it easier today for home buyers with a high debt ratio and subpar credit…