FRESNO, Calif. (KFSN) — The rising cost of living has forced consumers to change spending habits, whether it’s pulling back on spending or relying more on credit.
New data from Experian shows lower credit scores and higher delinquency rates.
“It’s really important right now that we revisit our spending, that we know our numbers, that we know how much we’re bringing in and we know how much average things cost right now because everything seems to be getting more and more expensive,” says Christina Roman, Experian’s Senior Consumer Education and Advocacy Manager.
Roman says while average credit card balances barely increased, rising less than 1 percent, the number of credit card accounts grew more than the balances.
“It could signal that consumers are maybe spreading their debt across multiple cards,” Roman said. “Maybe they’re applying for multiple cards and carrying debt across those cards. Or it could signify that Gen Z is entering the credit conversation. You know, they’re the ages 18 to 29 right now. They’re beginning to engage with credit.”
The average credit card balance in the state of California is $7,129, up 1.5 percent from last year, with Fresno residents sitting at an average of $6,353.
Among younger consumers, the average is even lower.
“They’re carrying about $3,500 in credit card debt,” Roman said.
That may be less than the average, but they have lower credit limits, indicating their use is high.
“That’s a significant factor that impacts your credit score,” Roman said. “Although Gen Z has lower debt than the average, because they have lower credit limits, they are seeing that jump in credit utilization. It’s really important that we emphasize to Gen Z to make sure that they’re making small charges and pay them off every single month.”
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