Gen X is going deeper into credit card debt — even as they make more money than ever
New Federal Reserve data indicates that Gen Xers are accumulating record levels of credit card debt despite earning the highest median incomes of any age group. This financial strain is attributed to a combination of inflation and lagging asset growth compared to older generations.
Why it matters
It reveals a growing economic vulnerability in the 'middle-child' generation, suggesting that high income does not necessarily equate to financial stability.
Gen Xers are dealing with mounting credit card debt. d3sign/Getty Images Gen X, the economy's middle child, is contending with rising credit card debt. The Federal Reserve's latest accounting of consumer finances found their balances soared. That comes even as Gen X makes even more money, but sees shrinking net worths. Gen Xers are putting their credit cards to work. The Federal Reserve's latest accounting of consumer finances finds that as of 2025, 45 to 54-year-olds had the largest credit card balances among age groups, surpassing 64 to 75-year-olds. At the same time, their younger millennial peers have been paying down debt, with balances for 35 to 44-year-olds falling. The latest data comes as the country's forgotten middle-child generation contends with its own mixed financial fortunes .
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