Credit’s Generation Gap: How’s Your Age Group Doing on Debt?

Alamy A post-recession study by Experian, a credit reporting bureau and global information services company, reveals that while baby boomers rely more on credit than other generations, millennials have the most room for improvement when it comes to money management.

Experian’s Fourth Annual State of Credit study reviewed credit scores, the number of credit cards held, how much is being spent on those cards and the occurrence of late payments by generation.

The four generations are categorized as the Greatest Generation (ages 66 and older), Baby Boomers (ages 47 to 65), Generation X (ages 30 to 46) and Millennials (ages 19 to 29).

Here are the vital stats on the U.S. as a whole, according to Experian: Debt Management by Generation

Slicing the data according to age range reveals our differences: Credit Improvement Tips

There’s room for improvement in every generation’s credit behavior, particularly for younger people. Experian offers multiple resources for money management at, but you can start improving your credit profile immediately by following these steps: While you may want to apply different strategies for debt management during different phases of your life — such as establishing a positive credit report when you’re young and reducing debt as you near retirement — your best strategy at any age is to live within your means.

Michele Lerner is a Motley Fool contributing writer.

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