New Jersey millennials have the fourth largest credit card debt in the United States, with an average balance of $5,288, according to new research from Experian, the credit reporting company.
In addition, the state’s millennials have an average FICO score of 684 and average total debt of $81,700, according to the company’s data for the first three months of 2019. (Millennials are deemed to be those born between 1981 and 1996.)
Overall, millennials in the U.S. carried an average of $4,712 in credit card debt per borrower, and while that’s less than the national average of $5,474, the demographic has seen one of the largest increases in the past year.
Last, as millennials age, their credit card debt increases: At age 23, they carried an average balance of $2,288, while at age 38, the average balance was $6,675, the research found.