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

Americans Are Plagued by Financial Anxiety — And It’s Only Getting Worse
A survey by the American Psychiatric Association finds that Americans are increasingly troubled by financial…

Why women notoriously have more credit card debt than men
It’s no surprise that Americans love their credit cards. So much so, that outstanding credit…

Mortgage Rates Charge Back, Moving Toward Yearly Highs
Freddie Mac reports that the average 30-year fixed mortgage rose to 4.62 percent this week,…

Americans are feeling more optimistic about paying off their debts
According to CreditCards.com’s seventh annual debt-free poll, only 7% of debtors expect to die in…

Free Personal Finance Classes Can Help You Avoid Expensive Mistakes
The American Financial Services Association (AFSA) Education Foundation has unveiled its updated MoneySKILL financial literacy…

Millennials Not So Keen About Credit Cards
People age 29 and younger are 93 percent more likely to have a negative opinion…