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Many Americans have a mixed relationship with their credit cards. While these handy financial tools can allow you to purchase an item without paying the full cost upfront, steep interest rates often make it easy to slide into credit card debt that's difficult to climb out of.
Understanding how much credit card debt the typical Boomer carries might help you see where your own numbers stack up, and possibly inspire you to pay off your own debt for good. Here's what the data says.
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The average credit card balance for a typical Baby Boomer
Recent data from Experian shows that Baby Boomers, defined as those aged 61 to 79, have an average credit card debt of $6,795. In contrast, Generation X has an average of $9,600, and Millennials have a more similar balance of $6,961.
How much credit card debt should you have?
Baby Boomers are likely either nearing retirement age or already enjoying the laid-back pace of retirement. At this stage of life, or really any stage, it's ideal to have zero credit card debt. Of all the types of debt, credit card debt is among the most damaging to your financial situation. That's because notoriously high interest rates can make it challenging to pay down this type of debt.
How to pay down your credit card debt
For Baby Boomers above this number or carrying significant credit card debt, paying that down is often a top priority. After all, wiping out your credit card balances can breathe some more wiggle room into your budget without a minimum monthly payment to keep up with.
Below are some strategies to pursue if you want to say goodbye to credit card debt for good.
Resolve $10,000 or more of your debt
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1 <p>Clients who complete the program and settle all debts typically save around 45% before fees or 20% including fees over 24–48 months, based on enrolled debts. “Debt-free” applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Average program completion time is 24–48 months; not all debts are eligible, and results vary as not all clients complete the program due to factors like insufficient savings. We do not guarantee specific debt reductions or timelines, nor do we assume debt, make payments to creditors, or offer legal, tax, bankruptcy, or credit repair services. Consult a tax professional or attorney as needed. Services are not available in all states. Participation may adversely affect your credit rating or score. Nonpayment of debt may result in increased finance and other charges, collection efforts, or litigation. Read all program materials before enrolling. National Debt Relief’s fees are based on a percentage of enrolled debt. All communications may be recorded or monitored for quality assurance. In certain states, additional disclosures and licensing apply. ©️ 2009–2025 National Debt Relief LLC. National Debt Relief (NMLS #1250950, CA CFL Lic. No. 60DBO-70443) is located at 180 Maiden Lane, 28th Floor, New York, NY 10038. All rights reserved. <b><a href="https://www.nationaldebtrelief.com/licenses/">Click here</a></b> for additional state-specific disclosures and licensing information.</p>
Sign up for a free debt assessment here.
Consider a balance transfer
If you're struggling with a high APR, seeking out a balance transfer might be a good place to start. A balance transfer involves moving your existing credit card debt to a new credit card. Ideally, you'll be able to lock in a significantly lower interest rate, or even a 0% APR introductory period, when making the switch.
Before jumping into a balance transfer, make sure to consider the fees associated with making the transfer. After making the transfer, do your best to make a dent in your credit card balance before the introductory interest rate goes away.
Try the snowball method
As you pay down debt, it's helpful to stick with a plan that works. That's where the snowball method can come into play for anyone paying down multiple credit card balances at once.
Essentially, the snowball method works by focusing on the card with the smallest balance first. After you wipe out that debt by throwing what you can at it, you can move on to the next largest balance and roll the monthly payment of the eliminated debt into your 'snowball.'
This simple but effective strategy has helped countless people climb out of debt.
Evaluate your spending to cut back where you can
The snowball method can work well, but only if you're able to put a significant amount of money toward debt repayment each month. If you aren't sure how much you can use for debt repayment, it's time to carefully reevaluate your spending.
As you carefully audit your spending, look for ways to cut back on your costs. Pulling back on small discretionary purchases, like take-out and subscriptions, is a great place to start. But if you're looking for more significant savings, reevaluate your biggest expenses.
Americans tend to spend the most on their housing and transportation. So, if you can cut back on these categories, you could free up a significant amount of money to use for debt repayment. For example, if you choose to downsize to a smaller house or opt to become a one-car household, you might find plenty of space in your budget to get out of debt fast.
Earn extra income
Even if you make dramatic spending changes, there's only so much room in your budget for making cuts. If you've run out of room for cuts, it might be time to consider earning extra income. Even a few hundred dollars a month in extra earnings could significantly accelerate your debt repayment plans.
A few ideas include picking up a part-time job, taking on extra hours at work, or starting a side hustle. Don't be afraid to get creative. For example, if you have a lot of room in your house, you might consider renting out rooms. Or if you love pets, consider pet sitting.
Consider tapping your home equity
Many Boomers hold significant equity in their homes. For those with credit card debt, one option is to pursue a home equity loan or home equity line of credit to wipe out your credit card balances. Once the credit card balances are paid off, you'll have to pay down the HELOC or home equity loan. But, generally, home equity-based loans come with more manageable interest rates.
Bottom line
Just because many Baby Boomers are carrying around credit card debt doesn't mean you have to. If you're tired of having the weight of credit card debt hanging over your finances, consider making the effort to pay it down.
As a start, consider getting one of the best 0% balance transfer credit cards to kickstart your repayment journey.
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