Credit-Card Debt Hits High, Led By Millennials

Credit-card debt is at a historic high, as millennials build up their credit balances, a TransUnion survey says.

Bank-card balances reached a record in 4Q, surpassing the $1 trillion mark for the first time on the back of 13% growth year-over-year.

The Gen X share of bank-card balances remains the largest–33.8%– while the Millennial share, at 29.4%, surpassed that of Baby Boomers, at 26.7%, for the second straight quarter.

“Inflationary pressures and higher-than-expected living costs have led to many consumers turning to bank-cards to help make ends meet in recent quarters, and Millennials are no exception,” TransUnion says.