The credit card debt for young Americans has grown at a faster pace than other generations. AdvertisementAmericans are in the midst of a credit card crisis, and nobody is being hit harder than millennials and Gen Zers. The study examined the anonymized credit scores of 41 million customers and anonymized credit card balances for about 80 million people in March 2022 and February 2024. Credit scores are falling for young AmericansThe soaring credit card debt has coincided with falling credit scores for these younger groups of consumers. If that happens, credit card debt will likely keep growing, and credit scores for young Americans could keep dropping.

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