Baby Boomers (born 1946 – 1964) may have reduced their outstanding credit by about 4% between 2011 and 2016, but their average total outstanding credit balance is still about 7.3% higher than that of the average U.S. household. The leading contributor to that is likely their high mortgage balances, which are almost 16% higher than the average household. That said, Boomers have made good strides in reducing their outstanding auto and student loan balances in the last five years. Let’s take a look at how Baby Boomers borrow, and then contact us to better understand how your customers manage their outstanding credit.
Source: CreditStyles® Pro
Baby Boomers Attitudes
Baby Boomers are more likely than the average consumer to portray these attitudes:
- Consider themselves to be Category Influential Consumers regarding business travel, gardening, interior decorating, news, politics, and real estate
- Feel that they are culturally connected
- Many consider themselves to be techno-laggards although some think of themselves as tech-thusiasts
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