Baby Boomers In This Fairfield County Town Carry A Lot Of Debt

GREENWICH, CT — Debt. It's a four-letter word that might not elicit the same type of negative reaction that other four-letter words do, but it can still bring a sense of dread when uttered.

And if you're a Baby Boomer living in Greenwich - described as someone between the ages of 55 and 73 - you might be uttering it quite often.

According to a new study by the credit report experts at Experian, Baby Boomers in Greenwich carry the highest amount of credit card debt in the country at an average $16,855 per person.

"Certain affluent U.S. cities also had close to or more than double the national average in credit card debt—which in the fourth quarter was $6,445—while still maintaining higher than average scores," writes Experian's Stefan Lembo Stolba. "This occurred in Greenwich, Connecticut; Beverly Hills, California; Newport Beach, California; Coral Gables, Florida; and Encino, California. The national average for credit card debt among Baby Boomers was $7,041 in the fourth quarter of 2018 according to Experian data."

Additionally, despite the fact that many of them may be long out of college at their age, Greenwich Baby Boomers also carry the fifth-most average amount of student loan debt in the nation at $78,131.

Baby Boomers in Davis, CA carry the highest average amount of student loan debt at $92,550, Experian states. Click here and scroll down to read Experian's methodology in coming up with its numbers.

Because Greenwich is affluent, with some of the most expensive real estate in the Northeast, it is no surprise that Baby Boomers from there carry the second highest average mortgage debt, or $795,046, according to Experian. Beverly Hills, CA Baby Boomers carry the most mortgage debt on average at $1,273,101.

Yet, carrying all that debt does not seem to hurt an individual's credit scores, Experian is quick to add.

"It may seem logical that more debt would always lead to lower credit scores, but that's not the case," said Susan Henson, Experian's Director of Community Engagement in a statement. "If debt is being well managed with on-time payments and credit cards are not maxed out, debt does not tank your credit scores.

To view the complete report on the Experian website, click here.