Generation X continues to struggle with debt while millennials and baby boomers are making positive strides, according to a new report.
Experian's State of Credit report paints a relatively healthy picture for Americans, with the average credit score rising from 673 to 675 over the 12 months ending last June, the highest since 679 in 2007, before the Great Recession began. Consumer confidence is up sharply and the Federal Reserve said this week that credit card debt hit a new record in November. That's a good sign for consumer spending but could spell trouble down the road if the economy and labor market weaken.
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Some age groups are handling debt and managing their creditworthiness better than others, according to the credit reporting agency. Here's a rundown. (Note: the precise range of generations is often debated. This story reflects how Experian defined the ranges for its research).