Experian’s 2021 State of Credit Comes With A Surprise Despite Pandemic Via ForbesAdvisor
Generally speaking, every generation with the exception of Gen Z—experienced lower credit card balances and utilization rates in 2021 over the previous year. That said, 2021 saw an increase in mortgage debt for every generation, which is likely due to the buzzing real estate market and record-low interest rates.On average, credit scores have experienced a steady uptick between 2019 and 2021 for every generation except the oldest Silent Generation.
While average balances have generally decreased over time, the average number of credit cards held has stayed the same across generations.Credit Utilization Trends by Generation Most notably, however, is the decrease in utilization from 2019, when Gen Z, Gen Y, Gen X and Boomers had rates of 36.5%, 35.4%, 35.9% and 26.5%, respectively. This data may reflect a change in spending habits resulting from the economic fallout of the Covid-19 crisis.Gen Y saw the greatest increase in mortgage debt YOY, with the average Millennial carrying $255,527 in home loans—up $23,155 from 2020.
This breaks down to a 60-point difference between the highest and lowest scores, slightly lower than the overall spread in the previous year. What’s more, Mississippi’s average score increased from 658 to 666 YOY, a signal that the lowest average scores didn’t decrease even in the wake of Covid-19.
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