Gen X is going deeper into credit card debt — even as they make more money than ever

Gen Xers are grappling with increasing credit card debt, despite having higher incomes than ever before. According to the Federal Reserve's latest consumer finance data, adult Americans between the ages of 45 and 54 had the largest balances among age groups in 2025, surpassing even those aged 64 to 75. This trend has occurred while younger millennials, aged 35 to 44, have been actively paying down their debt.

The data comes as the middle-aged generation struggles with mixed financial fortunes, as consumer sentiment among those aged 35 to 54 has dropped to its lowest point, below both younger and older cohorts. In 2025, Gen X's credit card balances grew from about $3,300 in 2022 to approximately $5,100, pushing them above older generations who previously held the highest debt levels.

Despite this, Gen X remains the highest-paid demographic in the economy, with a median pre-tax income of nearly $109,000, the highest in the dataset after adjusting for inflation. However, their overall wealth has lagged behind, with older generations experiencing a rise in assets, including directly held stocks and retirement accounts.

The median net worth of those 75 and older has increased from around $366,000 to nearly $505,000, while the median wealth of the 45-54 group has decreased from about $270,000 to $255,000. This disparity suggests that the wealth gap among generations might be more pronounced in the stock market and credit card usage rather than in salary checks.

Gen Xers facing rising costs and mounting credit card balances are encouraged to share their experiences with this reporter at jkaplan@businessinsider.com.