Credit stats by generation
According to the State of Credit report from Experian, Florida residents and Americans throughout the country have an average credit score of 675. That is the highest since 2007, the year before the Great Recession began, when the average credit score was 679. Among age groups, those who are over the age of 70 have the highest average credit scores at 729. Those who are between the ages of 18 and 20 have the lowest average credit scores at 634.
However, those who are part of Generation Z have fewer credit cards and a lower average credit card debt load compared to other Americans. This may be offset by the fact that they tend to take on more student loan debt. Millennials are defined as those between the ages of 21 to 34 and were entering the work force during the Great Recession. As the economy has improved, they have reduced their overall debt load 8 percent and increased their mortgage debt by 6 percent.
Individuals between the ages of 35 and 49 have an average credit score of 658. Their mortgage debt and overall debt tend to be higher than other age groups. This is partially because they bought homes at the peak of the housing boom and may still be making up for previous losses.
Those who are seeking debt relief may find it by filing for bankruptcy. It might be possible to reorganize credit card and other debts through Chapter 13 bankruptcy. Debts may be repaid in three or five years through an approved plan. A stay against creditor contact may prevent credit card companies or other debt collectors from having contact with debtors while a case is open. An lawyer may talk more about who qualifies for Chapter 13 bankruptcy.