26 THE COURIER SUN • BANKING & FINANCE • APRIL 11, 2013 FOR BREAKING NEWS VISIT www.couriersun.com DEBT banking & fi nance DIFFERS BY GENERATION s Different tastes in music and varying perspectives on history aren’t the only factors that defi ne the gaps between the generations. A new credit trends study shows that the generations also differ on how they handle credit and debt. Members of the Greatest Generation (Americans older than 66) have the highest average credit score, 820, according to the study by Experian. The average score for Generation Y (ages 19 to 29) is 672. While 148 points separate their average scores, the two groups are much more closely aligned in the relatively lower amount of debt they both carry. Conversely, baby boomers (ages 47 to 65), and members of Generation X (ages 30 to 46) carry much higher debt loads, the study shows, and just 64 points separate their average scores of 782 and 718, respectively. The generations also differ in their average amount of debt. Not surprisingly, Gen Y has the lowest average debt: $34,765. But their closet age group, Generation X, has the highest at $111,121. Baby boomers and the Greatest Generation have average debts of $101,951 and $38,043, respectively. The composition of that debt has some interesting similarities and startling contrasts among the generations. A fi rst mortgage constitutes the largest percentage portion of debt for all four generations. However, while second mortgages are the second largest percentage of debt for members of the Greatest, baby boom and X generations, student loans occupy that spot for the Y generation. To learn more about managing credit, visit www.livecreditsmart.com. – Courtesy ARA Content LIVE Music and Entertainment Industry Event! Live Performances by Independent Music Artists The BIG Apple INDIE Music SERIES Held monthly at world famous Guitar Music Studio in New York City $25 Registration Fee INCLUDES open wine bar and gourmet catered food In Collaboration with: www.tbaims.com Upcoming dates, all Thursdays are: April 11 May 16 June 13 July 11 Times: 6 - 10 pm Produced by Creative Group LLC For more information, contact: Phone:203-648-9921 www.TalentArmy.com REGISTER at www.wowwmee.com and be wowed! (actual location provided with registration confirmation) [email protected] Sponsorships still available
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